The dollar started to balance itself above 90 in the past few hours, and it became in a good position to “attack” the falling trend line on hourly chart. This line is currently at 90.32, only pips below the current price. Will we see the Dollar breaking this line and rocketing up? Today, Dollar’s strength will completely depend on its ability to break the resistance 90.32. If the Dollar can push the Yen above this resistance, we will witness a strong rise, targeting
91.29 & 91.84. The latter is the most important resistance for the short (and may be medium) term for now. The support is at 89.56 and breaking it (if it happens) will target 88.96 itself & 87.99. The downtrend needs to hold below the falling hourly trend line to keep things going smoothly (at 90.32). If broken, the short term negative technical outlook will change dramatically. The yes in still the one wearing the pants in this relationship, but beware of 90.57.

Support:

• 89.56: the rising trend line from Thursday’s low.

• 88.96: yesterday’s low, and a previous very important support.

• 87.99: Mar 6th low.

Resistance:

• 90.32: the falling trend line on the hourly chart.

• 91.29: Fibonacci 50% for the short term.

• 91.84: Fibonacci 61.8% for the short term.

• 93.49: previous hourly resistance.