After sinking to the lowest level since September, 2008 earlier in today’s trading session, the Dollar gained enough momentum to incline once again in the U.S session as data from the labor, manufacturing and housing sector helped boost investor’s confidence thus targeting low yielding currencies; the U.S Dollar and the Yen. Overall the Euro continue to hammer down the Dollar as it continues to gain throughout this week’s trading session
The U.S Dollar Index; which measures the performance of the Green Benjamin against a six major currencies fell in today’s trading session, but managed to rebound from the lowest levels in almost a year to trade at 76.30 while it reached the highest levels for today at 76.41 and the lowest at 76.01.
The EUR/USD pair continues to trade within the upside channel as it breached a strong resistance level at $1.4705 in order to target the main channel’s resistance levels at $1.4788, whereas the pair is slightly unchanged on the daily scale but holds a strong tendency to decline as the Stochastic Oscillator indicates a severe overbought area for the pair, thus the pair might decline to the support level at $1.4680 before continuing to incline further. The pair managed to reach the highest levels for today at $1.4767 and the lowest at 1.4686 while currently trading at $1.4706.
As for the GBP/USD pair, it continues to decline on the daily scale whereas trading within the resistance levels at $ 1.6501 and the support levels at $1.6425, the pair is in attempt to breach the previously mentioned support level as seen on the RSI and Stochastic Oscillator whereas the pair hold a strong tendency to drop further as a correctional movement before continuing to incline later on. The pair is trading at $1.6448 after reaching the highest levels for today at $1.6566 and the lowest levels at $1.6431.
Finally talking about the USD/JPY pair, the dollar is gaining against the Yen but still trading within the descending channel while it managed to breach the resistance levels at $90.94 and in attempt to target the resistance levels at $91.96. The pair is trading at $91.19 levels while it reached the highest levels for today at $91.62 and the lowest levels at $90.49.