FXstreet.com (Barcelona) - The Dollar has broken Feb 26 high at 98.70 and at the moment the pair rallies strongly past 99.00 towards psychological resistance level at 100.00.
The Dollar is well overbought in the daily and hourly charts but Dollar rally is the strongest in years, risk aversion adds support to the Dollar while hitting other currencies, specially the Yen as its economy is giving signs of a serious slowdown.
Uon its way up, the Dollar could find resistance at 99.70 (Oct 28 high) and then the 100.00 resistance level, once above 100.00 the next resistance level could be Nov 4 high at 100.60. On the downside, some setback on corection could be lilkely, and the pair could dip below 98.70 and ecven below 98.00 before attempting another squeeze higher.
The GBP/JPY is also rallying, past March 3 higha at 138.70 and above 139.52, the paitr advances towards Feb 26 higth at 140.65.