Earlier the dollar was rising as a result of anticipations in the market that the European finance ministers today will once again mention that the global downturn is still not bottoming out and this increased the appeal of the lower yielding assets, yet currently we see that there are correctional movements taking place in the markets.
With regard to the euro dollar pair, we now see after hitting the support of 1.3896 could not breach it successfully as it gained enough support to reverse to the upside resistance of 1.3973 while the pair currently trades at 1.3969. The momentum indicators on the one-hour chart are showing that the pair is climbing to the upside as so far the EUR/USD recorded a high of 1.3994 and a low of 1.3904.
Now turning to the cable dollar, we see that the pair lost strength after the downbeat data released from the United Kingdom that showed that the industrial and manufacturing production are still weighed by the recession in the economy and this means that a recovery will take longer to happen in the nation. The GBP/USD is being traded at 1.6213 while recording a high of 1.6297 and a low of 1.6149. For the pair, we see a support at 1.6103 and a resistance at 1.6303.
The dollar yen pair is trading in narrow ranges at 95.21 while recording a high of 95.46 and a low of 94.95. For the USD/JPY, we see there is a support at 95.04 and a resistance at 95.82. The momentum indicators on the one-hour chart are showing a sideways wave.