Strong fears spread today throughout the currencies market ahead of tomorrow's famous Jobs Report as the Labor Department showed that Initial Jobless Claims for July 31 rose to 479 thousand, indicating in fact that the number of people filing for unemployment benefits unexpectedly rose last week to a three-month high, which boosted of course concerns that the world's leading economy recovery stagnated.
However, technical movements are currently shaping the currencies market, watching the dollar index, which tracks the strength of the green Benjamin in front of a basket of currencies, narrow trading so far on the four-hour and one-hour charts to trade around 80.85 recording a high of 81.11 and a low of 80.52.
Accordingly, the euro-dollar pair is consolidating as well due to the current technical movements but forecasted to climb to the upside according to the one-hour stochastic oscillator, having the Union currency trading at $1.3163 recording a high $1.3235 and a low of $1.3117 with a resistance of 1.3325 and a support of 1.3070.
Still, the pound-dollar pair is inclining faintly and shows tendency to rise further to the upside according to the one-hour and four-hour charts, having the royal pound so far trading around 1.5878 recording a high of 1.5923 and a low of 1.5817 with a resistance at 1.6010 and a support at 1.5695.
Now, turning to the dollar-yen pair, it is plunging faintly so far as the green Benjamin approached an eight-month low against the yen due to the gloomy jobless claims reported today, having the low-yielding yen trading so far around 85.88 recording a high of 86.44 and a low of 85.75 with resistance level seen at 87.05 and a support level witnessed at 85.00.