The dollar is gaining momentum versus major currencies as a result of declining stock markets which meant that investors are avoiding higher yielding assets and turning to lower yielding assets. The Dollar Index, which usually measures strength of the dollar versus six major currencies, is currently traded at 75.46 while recording a high of 75.54 and a low of 75.04.
The euro versus dollar pair is trading between the support of 1.4830 and the resistance of 1.4888 at 1.4877. The pair recorded a high of 1.4962 and a low of 1.4842, the euro is weakening in the markets as a result of lower demand on higher yielding assets, especially as investors become worried when they see a decline in stock market prices, worries them about when a global recovery will take place.
The pound depreciated in the markets as a result of the world's biggest credit-check company, Experian Plc saying that financial institutions in the UK are in a very fragile state, worse than other economies. The GBP/USD is being traded at 1.6612 while recording a high of 1.6744 and a low of 1.6605 as currently there is a resistance at 1.6668 and a support at 1.6512. The momentum indicators on the one-hour charts are showing us that the pair is trading in an oversold area.
The yen is opposite of major currencies as it is seen climbing against the dollar while the pair trades at 88.81 while recording a high of 89.42 and a low of 88.63 as there is a support at 88.70 and a resistance at 89.12.