USD dominates against major currencies at Monday's section. Manufacturing data boosted the US dollar bulls.
Economic activity in the manufacturing sector expanded for the 29th consecutive month in May. The overall economy grew for the 72nd consecutive month, the nation's supply executives said in the latest Manufacturing ISM Report.
The USDX is at 61.8 the fib level 97.78 from a peak to a low of 93.37. The 50Dsma has been providing support for 4 days. In case of daily close above 97.80, bulls will aim at a new high of 103.00. For intraday session, fresh buying is available above 97.80 with a target at 98.10 initially, 98.60 and 99.60 later. Earlier, we forecasted a break from the inverse head and shoulder aiming at 99.40, we advise the same today. Support is found at 96.60.
The pair reached a high of 125.05 at today's Asian session. The pair has been moving higher in a correctional manner for 7 consecutivedays. It is an excellent move after a month of consolidation. The pair breached a 5-month consolidation range on the higher side. The nearest resistance is seen at 125.79 (December 2002 high). We expect the pair to touch 128.00/129.00.
For an intraday session, fresh buying is available above 125.10 with targets at 125.50 and 125.80.
The material has been provided by InstaForex Company – www.instaforex.com