While Dollar rose broadly overnight, Dollar Index was still kept below 91.01 resistance, as well ass 55 day EMA (now at 90.93). Similarly, EUR/USD is holding above 1.2058 support while USD/JPY is still kept below 104.59 resistance.
The condition of near term reversal is building further up, considering the head and shoulder bottom pattern. Still firm break of 91.01 is needed to confirm the start of a near term rally (be it a corrective rise or the start of an up trend). In that case, DXY would tentatively be looking at 94.74 resistance as a target to test. Rejection by 91.01 will bring another fall through 89.20 before bottoming.
