The dollar weakened against major currencies in the first trading day this week, taking a correctional move after it gained by the end of last week. Yet, the USDIX that tracks the strength of the dollar against a basket of major currencies, declined recording a low of 76.24 and a high of 76.57, and it is currently trading around 76.25.
The euro dollar pair gained recording a high of 1.4683 and a low of 1.4607, having the union currency trading around 1.4680. The pair is having a resistance at 1.4725 along with a support at 1.4615, and the pair is anticipated to show further gains according to the one hour momentum indicators. We may see the pair breaching the resistance to target 1.4770 from where it may climb to the 1.4820 levels. However, the euro zone's industrial production will be released today that will affect the pair's trades.
Regarding the pound dollar pair, it gained as well recording a high of 1.6324 and a low of 1.6188, having the royal currency trading around 1.6315. The pair is having a resistance at 1.6365 along with a support at 1.6260, and if the resistance was breached, we might see the pair trading near the 1.6425 levels, while if the pair broke the support, it may fall back to the 1.6200 levels. However, the pair is trading in an oversold area according to the four hour momentum indicators.
Finally, the dollar weakened against the Japanese yen recording a low of 88.36 and a high of 89.27, having the pair trading around 88.60. Today's support could be found at 88.05, while the resistance could be found at 89.00. Yet, the pair is expected to decline more according to the four hour stochastic oscillator, so we might see it trading near the 87.75 after breaching the support.