The dollar has proven itself to be strong as it ended the week with a 4 days consecutive gain, resurfacing above 96 again after it broke above a 1-month falling channel.
Sometimes, as bearish as we may think of currency, one must always remember that the monetary policy of the central bank still plays the major role in the FX movement.
Though expectation of the U.S. rate hike has been somewhat dampened, there's no doubt that the Fed is still going to raise rate and their interest rate is still among the highest as compared to all majors.
The dollar also broke above an inside bar and thus it is expected to climb higher.
If the dollar retraces at first, we can expect the dollar to rebound and climb again from the demand zone within the inside bar.
The dollar will face with strong selling pressure once it reaches the supply zone at 96.5.
Sometimes, as bearish as we may think of currency, one must always remember that the monetary policy of the central bank still plays the major role in the FX movement.
Though expectation of the U.S. rate hike has been somewhat dampened, there's no doubt that the Fed is still going to raise rate and their interest rate is still among the highest as compared to all majors.
The dollar also broke above an inside bar and thus it is expected to climb higher.
If the dollar retraces at first, we can expect the dollar to rebound and climb again from the demand zone within the inside bar.
The dollar will face with strong selling pressure once it reaches the supply zone at 96.5.
