The U.S. dollar advanced today against a basket of major currencies where the dollar index rose to 80.75 from the day's opening at 80.54. On the other hand, the main loser in market is the sterling which dropped versus all majors after the downbeat report released today.
As for the sterling-dollar pair, it is showing decline on the daily and 4-hour charts, but stopped its losses when it hit support at 1.4857. Today's decline was spurred by the unexpected drop in manufacturing and industrial production in January. In general, the pound is continuing its downside trend that started in December due to the ongoing pressure coming from the volatile data, high debt, and possible political changes. Meanwhile, the pair is traded at 1.4883, after breaching strong psychological level at 1.50 level, recording a high of 1.5014 and a low of 1.4870, while it is moving between support at 1.4850 and resistance at 1.4990.
With regard to the euro-dollar pair, it is showing a slight decline on the daily charts after rebounding from the day's low at 1.3542. A German report released today showed that exports, the catalyst of the German growth, plunged in January to increase the agony of the euro zone. Yesterday, the Greek Prime Minister met with President Obama who showed his readiness to help for measures being taken to deal with the calamity. Now, the pair is traded at 1.3586 after reaching a high of 1.3612, where the coming support is seen at 1.3525 and next resistance is at 1.3610.
Relative to the dollar-yen pair, it is inclining on the daily charts, paring its fall in the previous two sessions, but it is facing difficulty to remain above strong resistance at 90.34 which represents 38.8 Fibonacci to the to the upside trend that started in December. Currently, the pair is traded at 90.43, hitting a high of 90.47, and a low of 89.82, whereas support is seen at 89.65 while resistance is at 90.60.