So far today hopes rather than worries are spread throughout the currencies market as on one hand the Institute for Supply Management released its manufacturing index for the month of July showing that manufacturing activities continued to expand but at a slower pace as it came in at 55.5, while that on the other hand the global recovery is showing signs of enhancement, having Australia's manufacturing expanding for a seventh month and Britain's manufacturing growth slowing but less than forecast.
Accordingly the dollar refuge appeal is corroded by traders' present appetite for risk to actually watch the dollar index, which tracks the strength of the green Benjamin against a basket of currencies, plunging on several time scales to trade so far around 80.93 recording a high of 81.55 and a low of 80.91.
As a result the euro-dollar pair is inclining to the upside but is forecasted however to start plunging due to technical movements according to the four-hour stochastic oscillator, having the Union currency now trading around $1.3170 recording a high of $1.3195 and a low of $1.3052 with a resistance at $1.3355 and a support seen at $1.2885.
Moreover, the pound-dollar pair is also inclining as well due to a current weakened dollar, having the royal pound now trading around $1.5891 recording a high of $1.5906 and a low of $1.5693 with a resistance seen at $1.5970 and a support at $1.5750, having in mind that the pair shows tendency to start plummeting according to the one-hour and four-hour time charts.
Now, turning to the dollar-yen pair, it is narrow trading between a resistance level witnessed at 87.95 and a support level seen at 84.70 as mixed signs are actually seen throughout several time charts, having the pair trading so far at 86.45 recording a high of 86.87 and a low of 86.18