The US dollar consolidates gains after the FOMC minutes signaled for rate hikes if inflation stays high. A bullish MA cross on the daily chart is strong evidence for an upbeat sentiment.
The pair is testing last September’s peak at 0.9365. A breakout would flush the short interest out and attract momentum buyers.
An extended rally may carry the price to April’s high at 0.9470, a major resistance from the daily chart. An overbought RSI may cause a brief pullback. 0.9300 from the previous consolidation would be a new support.
