The U.S. dollar advanced against major currencies this morning, amid heavy anticipation about the Fed Chairman Ben Bernanke's next step, where speculations grew that Bernanke might actually unveil a new bond-purchasing program to bolster the faltering economic recovery, in addition to orders of durable goods orders increased above forecasts spurring optimism regarding the slowing manufacturing activities and helped the dollar rebound by opening Wednesday's trading session.
The U.S. Dollar index, which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, inclined to currently trade at 73.98, compared with the opening level at 73.96, while recording a high of 74.05 and a low of 73.67.
Gold dropped sharply to reach $1779.18, compared with the opening level at $1837.55 an ounce, while crude oil prices consolidated to trade at $85.73, compared with the opening level at $85.66 a barrel.
The Euro fell against the U.S Dollar, where the EUR-USD pair is trading at $1.4402, while recording a high of $1.4481 and a low of $1.4374. The pair is now trading below the $1.4410 level, and so long it remains below this level, we should expect more downside movement and the target then will be the $1.4490 resistance level, however, if the pair climbs above $1.4410, the next target will be the $1.4340 support level.
The British slipped against Dollar, where the GBP-USD pair is now trading at $1.6377, while the pair recorded a high of $1.6534 and a low of $1.6371. The pair is now trading below the key support level at $1.6420 and so long it continues to trade below this level, the next target is set at $1.6135, however breaching the $1.6420 level to the upside would send the pair to the $1.6615 resistance level.
Last but not least, the U.S Dollar dropped against the Japanese Yen, where the USD-JPY pair is now trading at ¥76.77, while recording a high of ¥76.87 and a low of ¥76.46. The pair is now trading between the key support at ¥75.80 and key resistance at ¥77.20.