The green currency continued its downside fall for the fourth day in a row due to the pressure it faced yesterday after announcements that some oil-producing countries are looking for alternative to the dollar. Today, the trading volume is very low where movements are within narrow ranges. The dollar index, a gauge of the dollar's movements against a basket of major currencies plummeted to 76.25 from the opening at 76.28.
As regards to the euro-dollar pair, it is declining slightly on the daily and 4-hour charts. The Euro Zone released today its GDP final reading for the second quarter showing unexpected decline. However, the euro was not impacted by the news. Tomorrow the ECB will meet to announce the interest rate, where the rate is expected to remain unchanged. The European Single Currency is currently traded at 1.4712 recording a high of 1.4736 and low of 1.4682, where the pair is supported by 1.4693 and faces the coming resistance of 1.4736.
Relative to the pound-dollar pair, it is also showing a slight decline on the daily and 4-charts. Today, there are no fundamentals from the
With regard to the dollar-yen pair, it is continuing its downside trend that started on August 8. However, on the 4-hour and 1-hour charts, the pair is showing slight incline. The yen recorded its highest level against the dollar in more than 8 months at 88.08 today. Now, the pair is trading around 88.24 after hitting a high of 89.05 and a low of 88.06; while the pair is currently facing the coming support level at 88.05, while the resistance is spotted at 88.35.