FXstreet.com (Barcelona) - After several attempts during Asian and European session, the Dollar has broken resistance area at 96.30/45 area, extending its recovery from 95.55 to 96.65 at the moment of writing.
Initiial resistance at the moment lies at 96.60 and above there, 96.80 (Jun 1 high) if the Dollar reaches past here, next resistance level could be at 97.00. On the downside,below 96.30, support levels are 95.55, and 95.35 (Jun 2 low).
Despite the current upmove, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank sees the pair going lower in the short-term: "Obviously prices cannot hold inside the current range for ever, and we continue to feel that the Ichimoku ‘cloud’ should eventually force it lower. Expect even more of the same today as the Yen looks for direction."
