Signs of troubled times ahead for the Dollar. After holding on to critical levels around 92 for a while the recent decline persisted to drag the currency basket lower and trigger the immediate support levels around 92. What we are seeing now is a decline that has been persisting and has maintained a vice like grip on the recovery. The charts show that the prices could at the maximum react to the median line beyond which it looks challenging to sustain. Thereby triggering a collapse everytime we see a rally towards 93 levels. This level coincides with the previous recovery point this leading us to maintain a bearish bias for the coming few days.
The lower channel is at 87 which is at a distance and could attract the prices if the underlying bearishness persists.
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