Dollar bulls looking for a breakout are finally finding support from U.S. interest rates as Treasury yields rise toward high levels since 2014. The yield on 10-year U.S. Treasury hits 2.99 percent.
Dollar bulls suddenly are breathing more easily, finding relief in Treasury yields that approached 3 percent for the first time in four years.
On the other hand, Australia CPI has reached 0.4% despite its forecast with 0.5%, which is not considered a benchmark of higher inflation.
On the daily, the price had broken the up channel continuing with penetrating down the triangle
Taking into account that the price has rebounded from the lower trend line from the high of 2008
These all make the probability of bears higher with the expectation of its price to reach 1.215-1.2085
Swiss national bank was lately protecting the price at the level 1.2, every time the price had reached this level it directly pulled up the trigger
Until January 2015 when the SNB released the preservation of this level, which made the price suffered a downward move of more than 2000 pips!
So, this key level became a strong resistance after being a secure support.
As we see on the daily chart, the price rebounded from this level. Along with reversing from the upper edge of the up channel
Also the price has respected the broken up trend line
With overbought on RSI, the price is expected to go down to 1.1815-1.169
On the daily chart, the price rebounded from the lower trend line from the high of 2007
It’s the same level of the broken uptrend from the low of July 2017
With a combination of key resistance level at 0.7695, 61.8% Fibonacci, & B level of the harmonic pattern
Also with overbought in RSI, the price is expected to go bearish to retest 0.75