The US Dollar breached the upper boundary of a junior descending channel pattern at 1.3295 during the morning hours of Wednesday’s trading session.
Given that the currency pair has passed the 50-hour simple moving average, the next target for bullish traders could be near a resistance level formed by the weekly pivot point at 1.3351.
However, a resistance line set by the 100-hour SMA at 1.3308 might restrict the currency exchange rate from hitting the given target as mentioned earlier during the following trading session.
