Major currencies continued to fall against the U.S dollar in today's Asian session, having investors turning to buy the low yielding dollar and yen, selling the euro and the pound. Fears still spread throughout the currencies market especially after gloomy data concerning the housing market released yesterday in the U.S. The tough situation in the euro zone is also worrying traders as Greece, Portugal and Spain and suffering from their heaving budget deficits, which is affecting recovery in the union.
The USDIX that tracks the dollar's performance against a basket of major currencies is inclining for the third straight day recording a high of 80.27 and a low of 79.95, while it is currently trading around 80.14.
The euro dollar pair still falling recording a low of 1.3669 and a high of 1.3745, having the union currency trading around 1.3707. The pair breached the 1.3700 levels and still more declines are expected especially that the daily momentum indicators are supporting a downside. The German industrial production is on queue today with forecasts saying it will drop on the yearly record that may pressure the pair. The pair is having a support at 1.3670 along with a resistance at 1.4000.
Regarding the pound dollar pair, it extended declines in the Asian session recording a low of 1.5713 and a high of 1.5774, having the royal currency trading around 1.5725. The pair is having a support at 1.5700 along with a resistance at 1.6010 and the daily stochastic oscillator is suggesting more declines today. However, the British PPI will be released today that might affect the pair.
Finally, the dollar gained slightly against the Japanese yen to record a low of 89.32 and a high of 89.76, and the pair is currently trading around 89.50. Today's support could be found at 89.10, while the resistance could be found at 91.65. The pair dropped sharply yesterday and still further declines are anticipated according to the stochastic oscillator on the daily charts. Yet, the U.S unemployment rate is on queue today and it tends to move the market on release.