The dollar depreciated in the markets versus major currencies as a result of increasing signs that the worst of this global recession is ending therefore this increases risk appetite in the markets which pushes investors towards higher yielding assets as they sell lower yielding assets. As a result of this we see the dollar's appeal decrease which weighs on the currency's strength as we see it tumble.

The euro is strengthening against the federal currency as result of it considered a higher yielding asset while the biggest economy in the euro zone, Germany released its unemployment rate showing that it fell better than the prior and expected readings and this gave more support to an economic recovery in the euro zone. The EUR/USD is being traded at 1.4664 between the support of 1.4648 and the resistance of 1.4702 while recording a high of 1.4672 and a low of 1.4576.

Now turning to the pound we see that it is surging in the markets like the euro trading in an overbought area using the momentum indicators on the one-hour charts. The UK economy lacks major fundamentals today yet there is optimism in markets therefore increases investors' confidence therefore boosting the appeal of the royal currency. The GBP/USD is being traded at 1.6090 while recording a high of 1.6104 and a low of 1.5947. For the pair we see a support at 1.6047 and a resistance at 1.6123.

As the dollar is weakening in the markets, therefore we see the yen is inclining as investors continue to get rid of the federal currency which pressures the dollar to depreciate. The USD/JPY pair is being traded at 89.45 while recording a high of 90.40 and a low of 89.35. For the pair we see there is a support at 89.12 and a resistance at 90.10, if the mentioned support is broken, the next target is at 88.70.