During Friday’s trading session, the currency pair passed through the bottom boundary of the dominant ascending pattern to end the trading day at 111.90. On Monday morning, the US Dollar returned to the dominant pattern to trade near the weekly PP at the 112.12 mark.
In regards to the near-term future, most likely, the US Dollar will trade below the weekly PP at 112.05 due to the resistance of the 50.00% Fibo and the resistance of the 55-hour simple moving averages.
Besides, the resistance of the 55-hour simple moving average could push the rate to pass through the pattern line to push the rate to trade near the 38.20% Fibo.
