The dollar climbed constantly and retested 2018's previous high at 97.7.
A 6-month symmetrical triangle was also broken above in the process, signalling that the dollar may continue to climb higher and break new high in the near future.
However, the dollar may experience a bumpy ride in this coming week as it got rejected by a 21-month supply zone.
The dollar has dropped gradually with no sign of a rebound but the movement was considered weak.
Traders should watch out for the price at 97 which is the top of the symmetrical triangle and subsequently, 96.7 which is the current demand zone.
From the fundamental point of view, the dollar is still considered strong since it currently has the highest interest rate among all major pairs.
Even though the Fed is still very uncertain over the next rate hike, it is apparent that all other major banks are still reluctant to raise rate.
A 6-month symmetrical triangle was also broken above in the process, signalling that the dollar may continue to climb higher and break new high in the near future.
However, the dollar may experience a bumpy ride in this coming week as it got rejected by a 21-month supply zone.
The dollar has dropped gradually with no sign of a rebound but the movement was considered weak.
Traders should watch out for the price at 97 which is the top of the symmetrical triangle and subsequently, 96.7 which is the current demand zone.
From the fundamental point of view, the dollar is still considered strong since it currently has the highest interest rate among all major pairs.
Even though the Fed is still very uncertain over the next rate hike, it is apparent that all other major banks are still reluctant to raise rate.
