So far, the green Benjamin remains weak throughout the currencies market mainly after that Japan witnessed within its third-quarter a better-than-forecasted economic growth, while the world's largest economy retail sales rebounded in October and the Asian government leaders will continue their economic stimulus spending plans in the area encouraging accordingly a demand for higher-yielding assets; the royal pound and the euro.
As a result, the dollar index, which tracks the strength of the green Benjamin in front of a basket of currencies, is plummeting deeply on the four-hour and daily scales trading at 74.73 recording a high of 75.30 and a low of 74.67.
Consequently, the euro-dollar pair is climbing to the upside and is forecasted to start plunging according to the four-hour stochastic oscillator, having the Union currency trading so far at 1.5001 recording a high of 1.5015 and a low of 1.4877 with a resistance at 1.5041 and a support at 1.4970, despite the fact that the Federal Reserve Chairman; Ben Bernanke, declared that he will work on supporting the green currency.
Moreover, the pound-dollar pair is inclining but shows a strong tendency to fall according to the four-hour momentum indicators, having so far the royal pound trading at 1.6863 recording a high of 1.6877 and a low of 1.6667 with a resistance at 1.6958 and a support at 1.6725.
As for the dollar-yen pair, it is slipping to the downside as the yen is pulling down the current weakened green Benjamin, having in fact the pair trading so far around 88.79 recording a high of 89.70 and a low of 88.72 with a resistance level witnessed at 89.74 and a support at 88.42.