The Green Federal Currency fluctuated in today’s trading session whereas the Euro and the Yen managed to incline against the Dollar meanwhile the British Pound continued to decline for the second day, whereas the dollar gained strength earlier today as Retail Sales jumped the most in three years which managed to help Auto sales to surge to the highest level in eight years.
The U.S Dollar Index; which measures the performance of the Green Benjamin against a six major currencies fell in today’s trading session from the opening level of 76.650 and currently at 76.586, while managing to reach the highest level for today at 77.062 and the lowest at 76.650.
The EUR/USD pair is gaining momentum on the hourly scale with a strong tendency to incline even further as it managed to breach the resistance levels that is set at $1.4652 and $1.4662 to continue to incline in attempt to test the main channel’s resistance levels at $1.4686. it is expected that the pair will decline as a correctional movement to the support level at 1.4662 before continuing to incline according to the overbought area the Stochastic Oscillator is pointing at, therefore after performing a downside correctional movement the pair is highly expected to breach the main channel’s resistance levels to continue to test the resistance levels at 1.4702. the pair managed to reach the highest levels for today at 1.4685 and the lowest levels at 1.4561 while currently trading at 1.4675.
As for the GBP/USD pair, dropped in today’s trading session while inclining on the hourly Scale after rebounding from the support levels at 1.6426 in attempt to breach the resistance levels at 1.6500, the pair managed to breach the previously mentioned resistance levels and if it build a solid base above it, it will take the pair higher to the resistance levels at 1.6585 and at 1.6593, the pair managed to reach the highest levels for today at 1.6657 and the lowest at 1.6401 while currently trading at 1.6496.
Finally talking about the USD/JPY pair, the dollar is currently declining against the yen on the hourly scale but holds a strong tendency to incline further to test the resistance levels at $91.34 before continuing within its narrow trading channel, the pair managed to reach the highest levels for today at 91.65 and the lowest at 90.77 while currently trading at 90.92.