A clam day in currency markets due to lack of important fundamentals. Higher yielding currencies gained against the dollar after the news that Abu Dhabi will give $10 billion to Dubai World to pay its instant financial commitment, but after that the dollar rebounded slightly. The dollar index, a gauge of the dollar's movements against a basket of major currencies, slid to 76.42 from the day's opening at 76.50.
With regard to the euro-dollar pair, it is showing a slight incline on the daily and 4-hour charts. However, the pair is still floating in an oversold area, according to the Stochastic Oscillator on the daily charts. The pair retreated after reaching a high at 1.4685 after today's data had shown that industrial output in the euro zone fell to the lowest since March. Currently, the pair is traded at 1.4645 recording a low of 1.4596, while it is expected to face the next support at 1.4580 and next resistance will be at 1.4675.
As for the sterling-dollar pair, it is moving sideways on the daily and 4-hour charts due to lack of fundamentals from the U.K. The pair is currently close to doing 61.8% Fibonacci retarcement to the upside trend that started on October 13. So far, the pound is trading at 1.6245 setting a high of 1.6324 and a low of 1.6188; while the coming support for the pair is seen at 1.6208 and the resistance is spotted at 1.6280.
Relative to the dollar-yen pair, it is declining on the daily charts, retracing two days of gain. The pair breached the support at 88.54, but it may retest it again. Now, the pair is trading around 89.44 after hitting a high of 89.32 and a low of 88.29, whereas the coming support is at 88.14 and resistance is spotted at 88.90 then 90.15.