As the greenback has rebounded after last week's selloff to 96.94, suggesting a temporary low is possibly formed there and consolidation above this level would be seen and correction to 97.95-00 (50% Fibonacci retracement of 99.01-96.94) cannot be ruled out, above there would bring further gain towards 98.22-25 (61.8% Fibonacci retracement), however, reckon resistance at 98.49 would limit upside and bring retreat later.
In view of this, we are looking to buy dollar on dips as the Ichimoku cloud top (now at 97.28) should limit downside and bring another rebound. Only break of Friday's low of 96.94 would signal recent decline has resumed and extend weakness to 96.65-70 (1.236 times projection of 99.01-97.55 measuring from 98.49), then previous support at 96.55
In view of this, we are looking to buy dollar on dips as the Ichimoku cloud top (now at 97.28) should limit downside and bring another rebound. Only break of Friday's low of 96.94 would signal recent decline has resumed and extend weakness to 96.65-70 (1.236 times projection of 99.01-97.55 measuring from 98.49), then previous support at 96.55
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