FXstreet.com (Barcelona) - The Dollar rose during early European trade and rebound on Friday's low at 93.40 has reached a session high at 95.05 before retreating to 94.50 low. At the moment, the Dollar trades at 94.70.
According to the ecPulse.com analysis team, the Dollar could rise to test 95.55 before pulling down: The Dollar versus Yen pushed to the upside, in an attempt to touch the awaited resistance level at 95.55; nevertheless, the first correction level at 38.2%, has stopped the pair from continuing to the upside so far. We still await to reach the mentioned key resistance level and then reverse to the downside, as we mentioned in our morning report. It is vital that daily closing remains below 95.55, to keep the pair's downside move intact.
Resistance levels, abocve 95.05 lie at 95.30 (Aug 18 high) and 95.45/50 (Aug 14 high). On the downside, initial support level lies at 94.20, and below there, 93.65/85 (Aug 19 and 20 low) and 93.45 (Aug 21 low).