Remain flat | 12 June 2020

Technical observation

The pair on the weekly chart above is trading with an increasing bearish momentum above a supportive level it established around 104.65. My expectation is a decline to the supportive level followed by a clear breakout below it with a big red candle for further downwards movements. However, USD could still rise to the resistance zone 114.56-114.04 followed by either a rejection within it or a clear break above it. In case you are currently neutral with this pair, remain flat and wait for a clear breakout below the line 104.65 followed by correction and a bounce at it to sell USD with your take profit at 93.53.

Trade recommendation

Remain flat.