FXstreet.com (Barcelona) - The Dollar has rallied on Asian session, supported by thin volumes, with Japanese markets closed on bank holiday, to rally to levels above 92.00, although the pair has stalled at 92.20, and according to Nicole Elliott,technical analyst at Mizuho Corporate Bank, it could peak around current levels ti hear towards a re-test of last week's lows by month's end.
The Dollar has left its oversold condition, says Elliott, and could stall at current levels before returning below 91.00: Thin conditions in Asia so far today have allowed the US dollar to squeeze higher than last week's high (92.01 so far today). The US dollar is no longer oversold and we expect the move to stall around current levels for a re-test of the downside before the end of the month.
Resistance levels, according to Elliott, lie at 92.26, 92.60 and 93.00. On the downside, support levels are 91.50, 91.31 and 90.98.