The US Dollar inclined in the early trading hours against a basket of majors supported by the ongoing projections the feds are about to signal toward pausing their quantitative easing measures resulting from the floating improvements and projections of an expansion in the current quarter. The seen surge to the US dollar resulted from investors’ fears that any pause to such actions is yet too early and ongoing downturns in the world’s leading economy is yet to float on the surface, whereas those concerns pushed indices down in the red zone.
The Euro plummeted against the US Dollar trying to breach 1.4635 support levels, as it acts to the neckline for the downside trend, where if this level were breached the pair will head toward the set targets at 1.4665 levels. The RSI Indicator clears that the pair is currently in an oversold area which means that pair might b heading toward the upside; the EUR/USD is currently trading between 1.4600 and 1.4695 levels, with the pair recording a high of 1.4715 and a low of 1.4635.
The sterling plummet against the US dollar despite the released fundamentals, clearing that house prices inched higher in September supported by the restored confidence. The pair fell after it managed to breach the key support levels at 1.6375 as this opens the path for the pair to continue its downfall to reach 1.6105, yet the GBP/USD is currently trading in an oversold area which might open the path for it to recover to the upside. Worth noting the pair recorded a high of 1.6263 and a low of 1.6132 earlier today.
The US dollar rallied against the Japanese Yen after breaching the resistance level at 92.80, where we foresee the pair continue its upside incline to reach utmost 93.45 levels. The pair is currently trading between 91.65 support level and 92.45 resistance levels, recording a high of 92.20 and a low of 91.25, at the time Japanese markets are out for the Respect for Aged Day.