So far, the major pairs are narrow trading due to technical movements after that the dollar dropped considerable in the previous EU session to approach a 14-month low as the Federal Reserve proclaimed that it will keep its borrowing rates low within this coming period, while that the Federal Reserve Ben Bernanke sees that the US should focus on cutting its budget deficit.
As a result, the dollar index, which shows the strength of the green Benjamin in front of a basket of currencies, is plummeting significantly on the daily and four-hour charts to trade at 75.31 recording a high of 75.90 and a low of 75.27.
Consequently, the euro-dollar pair is narrow trading as a result of technical movements that are so far taking place, having the Union currency trading at 1.4944 recording a high of 1.4963 and a low of 1.4827 with a resistance at 1.4977 and a support at 1.4922, knowing that the pair may start to decline slightly according to the four-hour momentum indicators.
As for the pound-dollar pair, it is consolidated as well as the euro-dollar pair due to technical movements but shows a tendency to fall throughout the four-hour and one-hour stochastic oscillator, seeing the royal pound so far trading around 1.6401 recording a high of 1.6422 and a low of 1.6239 with a resistance at 1.6444 and a support at 1.6320.
Now, turning to the dollar-yen pair, it is plunging as the low-yielding Japanese currency is advancing against the dollar at different time charts, having the yen so far trading around 90.62 recording a high of 91.13 and a low of 90.36 with a resistance level witnessed at 91.06 and a support level detected at 90.27.