Investors trades in the FOREX market today are within narrow range in the absence of economic fundamentals from Europe; however, we may say more rapid movements after the release of U.S. durable goods for the month of June, where the reading is expected to rise to 1.0% from -1.1% while the reading excluding transportations is predicted to retreat to 0.4% from 0.9%.
The U.S. dollar is currently close to the day's opening against a basket of major currencies as indicated by the dollar index which is now trading at 82.10 after touching a high of 82.28 and a low of 81.93. The index is getting solid support at 81.90 which is preventing it from continuing its downside trend that began last month.
Regarding the euro-dollar pair, it is moving sideways in the absence of economic fundamentals from the euro zone. The ECB published its bank lending survey showing that there has been improvement in credit conditions in the second quarter which may ease concerns after the upbeat test results announced last week.
The pair is unable to breach resistance at 1.3044 despite the confidence in markets which lifted European stocks yesterday to 12-week high in addition to the buoyant earnings by ArcellorMittal, Infineon Technologies, and Peugeot as well as other European companies.
Meanwhile, the pair is trading at 1.3000, near the highest level in two months, after visiting a high of 1.3041 and a low of 1.2964, while it is predicted to move between support and resistance at 1.2945 and 1.3065 respectively.
As for the sterling-dollar pair, it is showing slight advance on the daily charts after closing above strong resistance of 1.5495. The pound eased its gains after adding nearly 500 pips in the last four sessions reaching 5-month high against the greenback.
The pair is currently trading at 1.5593, recording a high of 1.5624 and a low of 1.5543, whereas it is expected to move between support at 1.5540 and resistance at 1.5620 for the rest of the day.
Concerning the dollar-yen pair, it ticked down on the daily basis where it currently trading at 87.74. Earlier today, the pair has recorded a high of 87.47 and a low of 86.81, whereas support is seen at 87.25 while resistance is at 88.00 then 88.80.