Although the greenback retreated after yesterday’s rally to 97.24 in part due to profit taking ahead of weekend (we indicated in our previous update that 97.30/35, being 1.618 time projection of 93.85 to 95.51 measuring from 94.66 would cap upside), Tenkan-Sen should attract renewed buying interest and downside should be ltd to 95.95 (50% Fibonacci retracement of 94.66 to 97.24) and Kijun-Sen (now at 95.83) should contain pullback and dollar shall stage another upmove later today. Break of 97.24 resistance would confirm recent upleg from 93.85 is still under way and further headway towards 97.65, being 50% Fibonacci retracement of entire fall from 101.45 to 93.85, which is likely to limit upside today.
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