The US dollar consolidates its gains as traders ponder whether inflation has peaked. A close above the parity, last seen in November 2019 indicates strong bullish sentiment. Trend followers have been eager to buy at pullbacks and may continue to do so in this directional market. The RSI’s overbought condition has prompted intraday buyers to take profit. 0.9960 is the closest support and 0.9870 a second line of defence for the bulls. A rebound would bring the greenback back to a three-year high at 1.0120.
