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Dollar rally from 90.00/70 area last week was capped at 92.90/95 resistance area on mar 25 and 26, and the pair has remained since consolidating below 93.00. On Monday, the Dollar has been moving sideways between 92.40 and 92 80.

On the upside, initial resistance area lies at 92.90/95 (Mar 25/26 highs), and above here, 93.05/10 and 93.45/50, both intra-day levels. On the downside, initial support level lies at 92.05 (session low), and below here, 91.75 (Mar 25 low) and 91.55 (200-day MA).

According to Stoyan Mihaylov, technical analyst at the pair is likely to extend its recovery to 93.40: "Still in the consolidation pattern below 92.94 and 92.14-30 should ensure a reliable support for a rise towards 93.40."

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