During the previous trading session, the currency exchange rate was resisted by the weekly R1 at 110.01 to keep the rate to move sideways during the day. On Wednesday morning, the US Dollar was located near the 50.00% Fibonacci retracement level at the 109.65 mark.
In regards to the near-term future, most likely, the US Dollar will trade sideways between the 55-hour and the 200-hour simple moving averages at the 109.60 level.
On the other hand, the support levels of the 100-hour SMA and the 50.00% Fibo could poke the rate to break the resistance of the weekly R1 at 110.01.
