The dollar saw its overall appeal corroded today after yesterday's unpleasant testimony of the Federal Reserve Chairman; Bernanke, whom attested that the present economy of the world's superpower is losing momentum and described actually the current economic conjuncture as unusually uncertain, while that the housing activities weakened clearly this past period along with the unending deterioration of the labor market, having in fact today the initial jobless claims for July 17 rising to 464 thousand while that the existing home sales dropped by 5.1%.
In fact, the nation's currency lost strength throughout the day within the currencies market to watch the dollar index, which tracks the strength of the green Benjamin, is currently narrow trading throughout the currencies market on the four-hour and one -hour chart and plummeting on the daily scale to trade around 82.57 recording a high of 83.34 and a low of 82.45.
As a result, the euro-dollar pair is inclining faintly so far as a result of technical movements and a weak green Benjamin, having the Union currency now trading around $1.2900 recording a high of $1.2928 and a low of $1.2735 with a resistance at $1.3025 and a support at $1.2725, still the pair may start to plummet according to the one-hour and four-hour stochastic oscillator.
As for the pound-dollar pair, it is narrow trading so far as a result of technical movements, while of course rising to the upside on the daily chart and forecasts of plunging according to the four-hour momentum indicators, having the royal pound now trading around $1.5262 recording a high of $1.5295 and a low of $1.5148 with a resistance seen at $1.5310 and a support at $1.5125.
Now, turning to the dollar-yen pair, it is consolidating between a resistance witnessed a the level of 88.65 and a support level actually detected at 86.95 as mixed signs are seen throughout the momentum indicators at different time charts, having the pair so far trading around 87.04 recording a high of 87.20 and a low of 86.32.