The dollar was down on Tuesday morning in Asia, with the U.S. Federal Reserve’s new policy framework announced on August 28 fueling bets that rates in the U.S. will continue to remain low compared to those in other countries, and driving the greenback down to lows not seen in several years.

The market is bullish and yesterday’s push higher suggests an initial upturn from the past week of congestion. A close over 1.2009 should motivate a run beyond  1.2060. Any corrective dips should hold within yesterday’s range to keep bull forces intact. However, a close under 1.1841 (SAR) is needed to trigger a flip back to lower levels.

R2          1.2009
R1          1.1968

S1          1.1911
S2          1.1890