The U.S. dollar reversed its earlier gains achieved today after approaching strong resistance at 81.30 in the absence of important fundamentals from major economies. The dollar index, which tracks the dollar movements versus a basket of major currencies, slipped to a low of 80.54 after reaching a high of 81.28. Meanwhile, the dollar index is moving between support at 80.07 and resistance at 81.30.
With regard to the euro-dollar pair, it is showing slight incline on the daily charts, but facing downside pressure from the 4-hour and 1-hour charts. The euro is trying to do an upside correction to recuperate from the losses incurred in the last period. Today's data showed that CPI for February matched forecasts at 0.9% and did not impact the euro movements. Now, the pair is traded at 1.3564 after reaching a high of 1.3598 and a low of 1.3433, where the coming support is seen at 1.3525 and next resistance is at 1.3575.
As for the sterling-dollar pair, it is showing a slight decline on the daily charts after falling earlier to a low of 1.4852. The pair is continuing its bearish trend that started since mid November near the lowest level in nine months against the green currency, where the pair is currently traded at 1.4974, below the 1.50 level, recording a high of 1.4998, while it is moving between support at 1.4945 and resistance at 1.4985.
Relative to the dollar-yen pair, it moving sideways on the daily charts, but showing a bullish signal on the Stochastic Oscillator which refers that the pair may rebound from an oversold area. The pair failed to remain above strong resistance at 89.27 which represents 50% Fibonacci retracement to the upside trend that started in December. It is currently traded at 89.10, hitting a low of 88.87, and a high of 899.37, whereas support is seen at 88.80 while resistance is at 89.70.