The dollar and the Japanese yen advanced against major currencies as a result of investors' appetite for safe haven currencies, after a significant decline witnessed in global stock markets following the U.S. credit rating downgraded by Standard & Poor's.

The euro decreased against the U.S. dollar during today's Asian session. The EU currency is trading as of this writing at 1.4180 after recording the highest of 1.4199 and the lowest of 1.4115. On the short term the currency faces a support at 1.4120 while the momentum indicators show the pair is in an overbought area.

The pound retreated against the U.S. dollar during today's Asian session touching the lowest of 1.6266, while it recorded the highest of 1.6319, and as of this writing it is trading at 1.66270. On the short term the currency faces a support at 1.6230 , on the other hand the momentum indicators show the pair is heading to the downside.

The dollar/yen pair retreated today sharply where it reached to its lowest at 77.04 level, the pair now is trading at 77.12 recording the highest of 77.65. Momentum indicators show the pair in an oversold area.