So far the dollar's refuge appeal and other safety measures are boosted on fears after the Libyan government attacked protesters and Muammar Qaddafi said he was still in the country, knowing of course that Libya is a huge source of oil for the world and that so far more than 500 protesters were killed on the North-African soil and that this brutal incident can even turn into a civil war.
The dollar gained against the Euro and the Pound but declined against the Japanese Yen and the Swiss Frank, where investors headed for safety as Col. Muammar Gaddafi said today in a speech he will die as a martyr than leave his country.
As a result, the euro-dollar pair is plunging due to a stronger green currency pulling the Union currency to the downside on current fears created within the Libyan soil with the euro now trading around 1.3646 recording a high of 1.3703 and a low of 1.3524 with the pair forecasted to slip further to the downside according to the one-hour momentum indicators. The trading range for today is among the key support at 1.3365 and the key resistance at 1.3715.
As for the pound-dollar pair, it is plummeting so far and forecasted to fall further to the downside as well according to the one-hour stochastic oscillator with the royal pound now trading around 1.6115 recording a high of 1.6227 and a low of 1.6099. The trading range for today is among the key support at 1.5965 and the key resistance at 1.6300.
Now turning to the dollar-yen pair, it is now plunging with the dollar being pulled by the low-yielding yen that is so far trading around 82.76 recording a high of 83.53 and a low of 82.74, knowing that the pair is expected to start climbing up after a considerable fall according to the one-hour and four-hour momentum indicators. The trading range for today is among the key support at 81.05 and the key resistance at 84.25.