Majors gained against the dollar today after the U.S government forecasted that the upcoming GDP reading will show a slowing contraction that boosted trader's risk appetite to start buying high yielding currencies. The USDIX declined today to reach a low of 78.96.
The euro dollar pair inclined today recording a high of 1.4132 and a low of 1.4065. The pair went back to the 1.4100 level supported by optimistic expectations for the U.S GDP that is expected to show that economic contraction is slowing. Such cheerful expectations led to increasing investors risk appetite to start buying high yielding currencies. The pair is having a resistance at 1.4175 along with a support at 1.4060. Unemployment rate in the euro zone will be released today and it will affect the pair's trades, and according to momentum indicators on the four hours chart, the pair is trading in an overbought area.
Regarding the pound dollar pair, it inclined reaching a high of 1.6548 and a low of 1.6487. The pair managed to break the 1.6500 level, having the royal currency trading around $1.6540. The pair is having a support at 1.6500 along with a resistance at 1.6580. If the pair broke the resistance level it will target 1.6600. The pair is trading in an overbought area according to the stochastic oscillator on the four hours scale.
Finally, the dollar weakened against the yen today recording a low of 95.24 and a high of 95.61. Today a series of pessimistic fundamentals were released showing that unemployment in Japan inclined to 5.4% and consumer prices fell 1.8%, while household spending climbed 0.2% less than forecasts. Such fundamentals led to a slight gain for the dollar against the yen before it starts falling again. The pair is having a support at 95.00 along with a resistance at 95.80.