- The bullish crossover between the 50-hour and 200-hour moving averages (MAs) confirmed a few minutes ago, adds credence to the higher lows pattern seen in the daily chart and indicates the path of least resistance is on the higher side.
- The 10-year treasury yield holding at a three-week high of 2.9 percent is also favorably disposed towards the USD bulls.
- Only a break below the Aug. 31 low of 110.68 would abort the short-term bullish view.
Hourly Chart
Spot Rate: 111.55
Daily High: 111.71
Daily Low: 111.36
Trend: Bullish
R1: 111.83 (Aug. 29 high)
R2: 112.15 (Aug. 1 high)
R3: 112.37 (76.4% Fib R of 113.18/109.77)
Support
S1: 111.44 (rising trendline support no the hourly chart)
S2: 110.68 (Aug. 31 low)
S3: 110.00 (psychological support)
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