The green currency recouped its earlier losses after the report that showed that U.S. annualized GDP for the fourth quarter climbed to 5.9% from 5.7%, reviving hopes the U.S. economy will recover faster than other major economies. The dollar index, a gauge of the dollar movements versus six major currencies, is currently traded at 80.62 from the day's opening at 80.72 after getting support at 80.40.
With regard to the euro-dollar pair, it is showing incline for the third, doing correction after falling near the lowest level in 9 months versus the greenback. Today's data showed that CPI rose to 1.0% from 0.9%, but actually this data not impact the euro's movements. Now, the pair is traded at 1.3587 after reaching a high of 1.3328 and a low of 1.3528, where the coming support is seen at 1.3550 and next resistance is at 1.3655.
As for the sterling-dollar pair, it fell sharply on the daily and 4-hour charts despite the unexpected rise in GDP for the fourth quarter to 0.3% from the 0.1% flash reading. The pair is continuing its bearish trend that started since mid November near the lowest in nine months against the greenback after breaching the neckline of a bearish pattern on the weekly charts this week, where the pair is currently traded at 1.5166, recording a high of 1.5317 and a low of 1.5161, while it is moving between support at 1.5125 and resistance at 1.5280.
Relative to the dollar-yen pair, it is showing decline on the daily charts but the dollar rebounded after the upbeat GDP figures. The pair is traded at 88.92 after breaching strong support at 89.27 which represents 50% Fibonacci retracement to the upside trend that started in December. The pair stopped falling when it hit a low of 88.89, where it reached a high of 89.50 earlier today. Support is seen at 88.20 while resistance is at 89.70.