The dollar has made a comeback last week as a lack of sellers after breaking below a range and a strong retail sales caused the dollar to rise.
Based on the current movement, the dollar is most likely to retest the 23-months supply zone at 97.6.
Volatility will be low on the first trading day throughout Asia and Euro session due to East Monday which is most likely to cause the dollar to retrace lower towards the rising trendline.
If the price is able to maintain above 97, it is likely to rebound during the US session on Monday or probably the following trading day.
However, the dollar will still face strong resistance at the top of the symmetrical triangle which will still cause the dollar to range further since last year September.
Therefore this week, we will need to watch the range between 97 and 97.6 closely and see where will the price break.
Based on the current movement, the dollar is most likely to retest the 23-months supply zone at 97.6.
Volatility will be low on the first trading day throughout Asia and Euro session due to East Monday which is most likely to cause the dollar to retrace lower towards the rising trendline.
If the price is able to maintain above 97, it is likely to rebound during the US session on Monday or probably the following trading day.
However, the dollar will still face strong resistance at the top of the symmetrical triangle which will still cause the dollar to range further since last year September.
Therefore this week, we will need to watch the range between 97 and 97.6 closely and see where will the price break.
