AFX: Dollar, rejected at 98.55, drops to 98.10 support
FXstreet.cpom (Barcelona) - Failure to break above 98.55 resistance level on early European trading hours, has driven the Dollar back to test support at 98.10. At the moment, the Dollar moves around 98.20.
According to the Swiss e Trade Strategy Team, 98.10 support could be broken today: "An undecided market developed in late Asian and early European trading for the dollar against the yen, resulting in a narrow sideways trend between 98.50 and 98.20. We see the lower level at 98.20 of this trading band being broken today, with the market reaching the 97.80 support for today."
Initial support level lies at 98.00/10 and once below there, 97.50/65 and 97.25 (Jun 11 low).Initial resistance lies at the mentioned 98.55 level (Jun 12 high), and above here, 98.85/90 (Jun 5, 8 highs), and 99.20.
