The US dollar slipped after data showed a rise in initial claims for unemployment benefits. The price is testing last April’s low near 0.9200 after giving up all the gains from the breakout rally eight months ago. This means that the greenback is at a critical level as a deeper fall would cause a bearish reversal in the medium-term. On the hourly chart, the latest rebounds hit resistance at 0.9345, forming a double top in the process. 0.9290 would be the first hurdle to lift before a recovery could materialise.
