The U.S. dollar and yen rose against higher-yielding currencies on concerns China is taking steps to reduce lending. The dollar index, which tracks the dollar movements against a basket of major currencies, surged to 79.95 from the day's opening at 79.73 but it stopped its rally when it hit resistance at 80.07, while it reached a high of 80.09 and a low of 79.70.
With regard to the euro-dollar pair, it is declining on the daily charts on fears Greece may not have a bailout from the EU after the German chief finance spokesman said Greece should depend on the IMF in tackling its debt. Still, the outlook for the euro is bearish where it is expected to continue its downside trend that started in December. The pair is currently traded at 1.3681, recording a high of 1.3740 and a low of 1.3645, where the coming support is seen at 1.3655 and next resistance is at 1.3730.
As for the sterling-dollar pair, it is showing a slight decline on the daily and 4-hour charts. The pound dropped after a report that showed that deficit widened in February but the reading came better than forecasts which minimized the pound's losses. Meanwhile, the pair is traded at 1.5288, recording a high of 1.5327 and a low of 1.5238, while it is moving between support at 1.5270 and resistance at 1.5345.
Relative to the dollar-yen pair, it is showing incline on the daily charts after falling earlier today to a low of 89.73 on fears with regard China's tightening measures. Currently, the pair is traded at 90.43, hitting a high of 90.45, whereas support is seen at 90.00 then 89.65 while resistance is at 90.60 then 91.30.