Despite initial sharp fall to 88.23 in Australian trading after triggering sell stops, dollar has ratcheted higher in Asian morning on short-covering, suggesting an intra-day low has been formed there and choppy consolidation is in store.  
  
On the upside, as long as 89.51 (Friday's low, now res) holds, downside bias remains for dollar to stage a retreat but reckon aforesaid low would remain intact. Only a firm rise above 89.51 would risk stronger retracement of recent downtrend to 89.90/00.