Today the U.S. markets are closed as a result of the Independence Day Holiday while we are witnessing the dollar climb versus major currencies. Currently the Dollar Index, which gauges strength of the dollar against six major currencies, is currently inclining trading at 84.54 while recording a high of 84.58 and a low of 84.34.
The euro is depreciating versus the dollar falling from the highest level in six weeks, while there are anticipations that the European Central Bank (ECB) will leave interest rates steady at the record low of 1.00% as a way to continue trying to tame the deficit which is chocking the economic recovery. The EUR/USD pair is currently trading at 1.2524 between the support of 1.2470 and the resistance of 1.2565 while recording a high of 1.2563 and a low of 1.2519. Over the one-hour basis, the technical charts are providing us with a bearish wave as the pair declines.
Turning to the pound dollar pair we see that the pair is declining while currently trading at 1.5130 above the support of 1.5050 and a resistance of 1.5195, while the attention in the UK is on the interest rate decision which is to be released by the BoE later this week. Today from the UK, we saw that the services sector narrowed yet remains in expansion and was worse than expectations. The GBP/USD pair so far posted a low of 1.5127 and a high of 1.5204.
For the dollar yen pair, we see there is low volume supported by the volume indicator over the one-hour chart especially as the U.S. markets are closed while the pair is currently trading at 87.77 between the support of 87.30 and the resistance of 88.40, as so far recording a high of 88.00 and a low of 87.63.