During Tuesday’s trading session, the currency exchange rate passed through the supports of the 55-hour and the 100-hour SMAs to end the trading session near the bottom boundary of the ascending medium pattern line at the 113.75 mark. On Wednesday morning, the US Dollar was located at the 113.87 mark.
In regards to the near-term future, most likely, the US Dollar trade sideways at the 114.00 mark. The 100-hour SMA should support the rate during the trading session.
On the other side, the US Dollar might depreciate against the Japanese Yen during today’s US CPI data release at 13:30 GMT to push the rate to trade below the 100-hour simple moving average at the 113.60 level.
