FXstreet.com (Barcelona) - Dollar decline from 92.55 high on Monday has extended on Wednesday Asian session to levels below 91.00 as the pair dropped to test 90.50 level, which so far remains intact, while the Dollar has picked up to levels between 90.65 and 90.90.

Initial support level lies at 90.50 intra-day low, and below here, next support levels lie at 90.15.20 (Sept 14 and 16 lows) and 90.00. On the upside, resistance levels lie at 91.25, and above here, 91.55/65 (Sept 15/18 highs) and 92.00/15.

Accordig to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Dollar remainson the downside heading to 87.10 long term support: While below 92.00, which neatly capped the Lagging Span, and the nine-day average at 91.34 today downside pressure is maintained for a re-test of very important very long term support at 87.10. Note that the US dollar is not oversold.

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