FXstreet.com (Barcelona) - The Dollar has picked up on Monday's Asian and European session after having reached a fresh 7-month low on Friday, at 1.0555, and the pair rose levels above 1.0600 to reach 1.0630 session high. At the moment, the Dollar trades at 1.6015, 0.43% above its day opening price.

Despite the slight recovery, Karen Jones, technical analyst at Commerzbank, warns about another test at 1.0555 low: It remains on the defense and further probes down to the base of the channel and recent low at 1.0553/12, remain likely. Near term rallies will find good initial resistance at 1.0772/1.0877 - this is the location of the 55 day ma and the top of the channel.

Jones affirms that technical indicators remain negative: Technical indicators remain negative implying that attempts higher will be a hard slog. Below 1.0500 would target 1.0370, the December 2008 low.