Major currencies declined today against the green currency during the Asian session ahead of the U.S GDP seasonally adjusted reading for the third quarter which is expected to show an expansion by 2.9% from a previous 3.5%. The USDIX gained today recording a high of 75.34 and a low of 75.10.
The euro dollar pair declined today recording a low of 1.4912 and a high of 1.4958, having the union currency trading around 1.4920. Today's drop came after the pair rallied yesterday from the 1.4865 levels to the 1.5000 levels then falling back to 1.4955 as the euro zone's PMI manufacturing and housing data in the U.S showed improvements leading to rising risk appetite. The pair is having a support at 1.4880 along with a resistance at 1.4970 and if the support was breached, the pair may fall back to the 1.4830 levels. However, the four hour stochastic oscillator is supporting the upside.
Regarding the pound dollar pair, it declined as well recording a low of 1.6836 and a high of 1.6605, having the royal pound trading around 1.6540. The pair is having a support at 1.6495 along with a resistance at 1.6575. According to the four hour momentum indicators, the pair is expected to show further declines and it may break the support to decline to the 1.6430 levels. The British loans for house purchases will be released today that may affect the pair's trades.
Finally, the dollar declined against the Japanese yen recording a low of 88.64 and a high of 88.94, having the pair trading around 88.70. Today's support could be found at 88.40, while the resistance could be at 89.00.The pair is trading in an oversold area according to the daily momentum indicators and if it breached the support, we may see the pair trading around 88.00 levels. Yet, the U.S GDP is on queue today and it tends to move the market on release.