The dollar in the markets fell after the U.S. economy released its CPI data showing that inflation rates on a yearly basis are continuing to drop heavily as they fell to their worst witnessed since 59 years, and this is arousing deflation risks faster in the nation, while already the Feds have interest rates near zero and can not raise rates like they wanted at the end of the year. This right away pressured the federal currency to lose massive grounds in the markets.
The euro rose versus the dollar based on its weakness as the pair is being traded at 1.3874 while recording a high of 1.3928 and a low of 1.3811. For the EUR/USD we are seeing a support at 1.3865 and 1.3844 while there is a resistance at 1.3895. On the four-hour charts, the momentum indicators are providing us with a sideways wave, yet the ADX indicator on the one-hour chart is showing us there is weak volume.
Turning to the pound we see that it depreciated against the dollar especially as the United Kingdom released its job data showing that there is still weakness in the labor market which scared investors from the pound causing them to sell it. The GBP/USD is currently traded at 1.6291 while recording a high of 1.6482 and a low of 1.6222. For the pair we are seeing a support at 1.6197 and a resistance at 1.6357 while the Stochastic indicator on the one-hour chart is showing an upside wave as it currently trades in an oversold area.
The yen is also strengthening against the federal currency as the pair trades at 98.93 between the support of 95.82 and the resistance of 96.32 while recording a high of 96.78 and a low of 95.74. Here the momentum indicators on the four-hour charts are showing us that the channel is to the downside.