The Dollar continued to gain against majors at the openings session of this week whereas investor’s fears about recent rally in stocks and uncertainties about the economical outlook pushed them to target low yielding assets and dump higher yielding assets thus the dollar gained and commodities along with stocks sank in trading.
The U.S Dollar Index; which measures the performance of the Green Benjamin against a six major currencies inclined in today’s trading session reaching a high of 77.108 and low of 76.552 while currently trading at 76.755.
The EUR/USD pair continues to decline while trading in an overbought area according to the stochastic oscillator thus the pair holds a strong tendency to decline on the hourly scale to reach the support levels at $1.4652, the pair is four hour trading range will be set among the previously mentioned support level and the resistance levels at $1.4698 but as stated the pair holds a strong tendency to breach the support level in order to target the lower support level at $1.4621. the pair managed to reach the highest levels for today at $1.4713 and the lowest at $1.4609 while currently trading at 1.4673.
As for the GBP/USD pair, continues to trade in the downside channel that he managed to test its support levels for the third time in 5 days in attempt to breach it, whereas currently managed to breach a strong support level at 1.6208 and in attempt to retest the main channel’s support levels at 1.6164. the pair’s trading range will be set among $1.6236 levels and $1.6152 while holding a strong tendency to incline as seen on the Daily Stochastic Oscillator. The pair managed to reach the highest levels for today at $1.6263 and the lowest at $1.6132 while currently trading at 1.6191.
Finally talking about the USD/JPY pair, the dollar is gaining against the Yen in attempt to build a strong trading base above the breached resistance levels at $91.95 which the pair managed to breach in today’s trading session. The pair is expected to continue its upside trend according to the RSI Oscillator but still needs to breach the previously mentioned resistance levels and build a strong base above it. The pair managed to reach the highest levels for today at $92.53 and a low of $91.28 while currently trading at $92.06.