The U.S Dollar traded narrowly against major currencies this morning, prompting other majors to jump following U.S stocks rebound from yesterday's gloomy slump, all due speculation the Fed might run new stimulus to restore confidence in the financial markets while driving investors towards lower yielding assets and safe havens.
The U.S. Dollar index, which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, steadied on daily basis to trade at 74.65, compared with the opening level at 74.66, while recording a high of 74.94 and a low of 74.33.
Gold soared after snapping multi-records high to currently trade at $1729.88, compared with the opening level at $1721.54 an ounce, while crude oil prices surged to trade at $81.75, compared with the opening level at $80.48 a barrel.
The Euro rose against the Dollar, where the EUR-USD pair is trading at $1.4214, while recording a high of $1.4287 and a low of $1.4251. The pair is now trading above the $ 1.4150 level, and so long it remains above this level, we should expect more upside movement and the target then will be the $1.4250 resistance level, however, if the pair drops below $ 1.4150, the next target will be the $1.4025 support level.
The British Pound fell today against the U.S. Dollar, where the GBP-USD pair is now trading at $1.6200, while the pair recorded a high of $1.6409 and a low of $1.6176. The pair is now trading below the important level at $ 1.6250 and so long it continues to trade below this level, the next target is set at $1.6176, however breaching the $1.6250 level to the upside would send the pair to the $1.6409 resistance level.
Furthermore, the U.S. Dollar bent against the Japanese Yen, where the USD-JPY pair is now trading at ¥77.27, while recording a high of ¥77.82 and a low of ¥76.98. The pair is now trading between the support at ¥77.90 and the resistance at ¥76.45.