After sinking to the lowest level since September, 2008 the dollar rebounded today after investor’s concerns of economical outlook shifted their attention to low yielding assets rather than holding higher yielding assets, even as improvement was seen in the Manufacturing, Housing and services sector.
The U.S Dollar Index; which measures the performance of the Green Benjamin against a six major currencies inclined in today’s trading session reaching a high of 76.716 and low of 76.280 while currently trading at 76.465.
The EUR/USD pair declined in today’s trading session while currently trading within a narrow range on the four hour scale between the resistance levels at $1.4755 and the support levels at $1.4693. the pair managed to reach the highest point in trading at $1.4748 and low of $1.4646, while currently trading at 1.4718.
As for the GBP/USD pair, it sank deeply today in trading from the opening price of $1.6450 to trade at $1.6255, the pair holds a strong tendency to incline as seen on the Stochastic Oscillator to perform a correctional move after the severe drop in order to test the resistance levels at $1.6351, the pair is currently in attempt to reach the support levels at $1.6208 before inclining once again to perform an upside correctional movement.
Finally talking about the USD/JPY pair, the dollar is gaining against the Yen but still trading within the descending channel while, the pair managed to breach the resistance levels at $90.94 yesterday in attempt to target the resistance levels at $91.96 which is currently targeting. The pair is trading at $91.36 levels while it reached the highest levels for today at $91.53 and the lowest levels at $90.98.