FXstreet.com (Barcelona) - Failure to break above 99.60 resistance level has brought the dollar to intra-week low at 97.90 so far, and the pair attempts to remain above 97.90/98.00 levels.

Initial support remains at the mentioned 97.90/98.00 level, and below there, the Dollar might find support at 97.45 and 97.15 (Apr 29 high). On the upside, resistance levels remain at 98.35 and 98.60; above there, 99.20 (May 5 high).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, affirms that the pair is shaping a heat and shoulders pattern: Tricky as prices are supported by a large Ichimoku 'cloud' yet a potential (if crooked) 'head-and-shoulders' pattern is forming. Expect more hesitation between 96.00 and 99.00 for the rest of this week.

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