The Dollar managed to rise against majors for the fourth consecutive day as the Euro continued to weaken against majors affected by speculation of Europe's recovery stalling in the fourth quarter of 2009, spurring projections that the ECB will keep interest rates at record lows.
Meanwhile the gain in the Dollar led commodities to decline where oil prices affected energy shares and caused them to lead the decline in the stock markets where the U.S Dollar Index rose in trading, knowing that the index tracks the performance of the Dollar against six major currencies, reaching 81.568 compared with the opening levels of 81.433, where it managed to reach the highest for today at 81.722 and the lowest at 81.363 therefore oil is currently trading at $86.68 a barrel while gold is trading at $1152.70 a barrel.
The euro-dollar pair continued to drop for the fourth consecutive day where it opened today's trading at $1.3398 and reached the highest levels at $1.3407 before it dropped to the lowest level for today at $1.3324 while currently trading at $1.3369, the pair managed to breach a pivot support levels at $1.3410 allowing it to set its upcoming targets at the support levels at $1.3312 but trading must remain below the breached support levels in order to achieve those targets.
Moving to the Royal currency, the pair sank severely where it opened today's trading at $1.5263 and reach the highest levels for today at $1.5284 before it sank to trade at a low of $1.5136 while currently trading at $1.5262. The pair's upcoming support levels are witnessed at $1.5125 where fluctuations are projected near those levels but the decline is considered as a correctional move where a rebound to the upside is projected for today.
Finally talking about the USDJPY pair, it dropped in today's trading reaching 93.44 where trading opened at 93.77 and set the highest for today at 94.26 and the lowest at 93.39. Meanwhile expectations show that the pair will ascend on intraday basis supported by the positive signs provided by the stochastic indicator with targets at 94.80 and 95.30 that requires 93.15 to remain intact in order to achieve those expectations.