USD has acted to some extent on its short-term bullish pattern but right now it is getting resistance above 83.50 level. In these higher levels it is difficult to make a call for a week in advance. What I think that long-term pattern demands USD to go around 89–90 level but as we are seeing that it is not a straight up moves so a short-term reversal is always due in this type of movement.
If 83.5 acts as a good resistance then USD may show couple of negative moves in coming week. Therefore its initial strong support will be around 82.5 levels. In the downside the older levels of 81.50 and then 80.50 (which is its 61.80 retracement level considering 1st May low) are still intact.
Here I must say that if USD touches 81.50 then it may be making a bearish pattern, though this is a very early call. But somehow if that occurs then that future pattern can take USD to around below 80 level. I will later focus on this matter.
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