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"We think a test of 122 could be seen in the next 1-2 weeks but resistance (and the recent sideways range trade) likely holds for a little longer."
- TD Securities (based on FXStreet)
Pair's Outlook
Last Friday, the US Dollar experienced a decline, falling in line with the forecast. The Greenback slid 38 pips, before stabilising at 120.16, just above initial support, namely the monthly pivot point. Meanwhile, the technical studies are showing bearish signs, suggesting a deeper dip today. The monthly PP remains the nearest support, and a trip towards 120 is a likely outcome.
Traders' Sentiment
Market sentiment stays distinctly bullish, with the portion of longs unchanged at 74%. In the meantime, the percentage of buy orders slightly dropped, as 59% of them are now to acquire the Buck.
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