During Wednesday’s trading session, the US Dollar was supported by the 55-hour SMA to help the rate to break the resistance level of the monthly pivot point at the 113.34 mark. On Thursday morning, the rate was trading at the 113.43 mark.
In regards to the near-term future, most likely, the rate will break the resistance level of the weekly R1 at 113.62 mark to trade towards the monthly R1 at the 114.37 mark.
However, the US Dollar could be resisted by the weekly R1 at 113.62 mark to push the currency exchange rate to trade near the 200-hour simple moving average at the 113.00 level.
