The dollar offsetting yesterday's drop

By IBTimes Staff Reporter | January 12 2010 1:05 AM

The dollar gained slightly in today's Asian session, after falling to a three weeks low against majors yesterday amid an absence of fundamentals from major economies. The USDIX that tracks the dollar's strength against a basket of currencies, inclined slightly to record a high of 77.30 and a low of 77.07, and it is currently trading around 77.16.

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The euro dollar pair declined in today's Asian session after three days of gains, recording a high of 1.4507 and a low of 1.4453, having the union currency trading around 1.4490. The pair is trading between a resistance of 1.4620 and a support of 1.4430, and momentum indicators on the daily charts are supporting the upside.

Regarding the pound dollar pair, it fell slightly to record a low of 1.6060 and a high of 1.6108, having the royal currency trading around 1.6090. The pair failed to breach the resistance level of 1.6200 yesterday and today it is trading between a support of 1.5960 and a resistance of 1.6240. However, the stochastic oscillator on the one hour and daily charts are supporting the upside, while on the four hour chars it is saying the pair is moving towards an oversold area.

Finally, the dollar inclined against the Japanese yen recording a high of 92.41 and a low of 91.80, and the pair is currently trading around 92.25. The pair is heading towards an oversold area according to the daily stochastic oscillator that is giving signs for an expected decline. Yet, the pair is trading between a support of 91.25 and a resistance of 93.40.