The dollar is weakening…

By IBTimes Staff Reporter | February 24 2011 1:27 PM

So far beside the elevating and persisting violence taking place in Libya, the green Benjamin is losing momentum and weakening mainly in front of the euro, reaching its lowest level in three weeks versus the Union currency, as it is strongly speculated that the European Central Bank will raise interest rates before the Federal Reserve.

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As a result, the euro-dollar pair is inclining faintly on technical movements and a weaker dollar but may most probably start plunging according to the four-hour stochastic oscillator, having the Union currency trading so far around 1.3793 recording a high of 1.3820 and a low of 1.3702, The trading range for today is among the key support at 1.3365 and the key resistance at 1.3715.

Now, the pound-dollar pair is plunging slightly with the royal pound trading so far around 1.6116 recording a high of 1.6253 and a low of 1.6083, knowing that the pair is forecasted to rise to the upside according to the one-hour momentum indicators.The trading range for today is among the key support at 1.5965 and the key resistance at 1.6300.

As for the dollar-yen pair, it is narrow trading so far but expected to rise to the upside according to several time charts momentum indicators with the low-yielding yen trading around 81.75 recording a high of 82.52 and a low of 81.60.The trading range for today is among the key support at 81.05 and the key resistance at 84.25.