FXstreet.com (Barcelona) - Dollar's retreat from 90.00 area on Monday has extended below 88.60 support area and the pair reaches levels at 88.45 at the moment of writing, with next support level, at 88.20, (Sept 27 spike low) on sight.

In case of consolidating at current levels, next support area would be the mentioned 88.20 (Sept 27 spike low), and below here, 88.00 and 87.25 (Dec 18 low). On the upside, above 88.60, resistance levels le at 89.20/25, and above here, 89.40/45 and 89.65/70 (6 Oct high).

On a wider perspective, Nicole Elliott. senior technical analyst at Mizuho Corporate Bank, observes the Dollar on its way to re-test 2009 low at 87.10 or even lower: The question now is whether we will re-test this year's low at 87.10 this month or later this quarter and, after that, how much lower might we go (...) At the moment we estimate that chances of a test of the critical the 87.00/85.00 watershed this month are 50:50 or less; the chance of a break below 85.00 within the month at negligible.

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