During the previous trading session, the US Dollar passed through the support level of the monthly S1 at 112.47 mark to end the trading day near the 50.00% Fibonacci retracement level.
Most likely, the US Dollar will get retraced by the resistance level of the monthly S1 at 112.47 mark to pass through the support level of the ascending dominant pattern line to trade at the 111.80 level.
On the other hand, during today’s US FOMC meetings at 19:00 GMT, the rate could break the resistances most of the technical indicators to trade at the 112.80 level.
