Today's trades showed that the dollar is consolidating against majors, amid the absence of major fundamentals from the U.S and Europe. The dollar gained against the euro, while it declined against the pound. The USDIX reached 80.15 today.
The euro dollar pair is consolidating between 1.3950 and 1.4000, and it recorded a high of 1.4005 and a low of 1.3960. The pair still needs effective fundamentals to breach the 1.4000 level that represents a strong resistance, while it is having a support at 1.3960. However, today fundamentals about the industrial production in the Euro zone will be released and it may help the euro to gain against the dollar; especially since it is expected that fundamentals will show a rebounding industrial production in Europe. If the pair moved further than the resistance level, the next resistance will be at 1.4025. Worth mentioning that momentum indicators are supporting the uptrend.
As for the pound dollar pair, it inclined today recording a high of 1.6291 and a low of 1.6223. The pair is having a resistance at 1.6280, along with a support at 1.6225. The general trend is to the upside, so it is expected that the pair will break the resistance level to target the 1.6310 level. According to momentum indicators, the pair is heading towards an overbought area, while the CPI reading in the UK will be released today and may affect the pair's trend.
Finally, the dollar gained against the yen today, recording a high of 93.14 and a low of 92.81. The pair managed to break the 93.00 level to have a next resistance at 93.15, along with a support at 92.65. Fundamentals about retail sales in the U.S will be witnessed today and it will affect the pair's trades.