The British pound fell today against majors after Fitch said U.K. has to accelerate the process of cutting debt and it is countering fiscal challenges. The euro, on the other hand, little changed unable to rebound due to the mounting debt concerns in the euro region.

Moreover, the U.S. dollar is now close to the day's opening where it is currently trading at 88.40 from the opening of 88.45 in the absence of economic data from the U.S. Federal Reserve Bank Chairman Ben Bernanke said that the U.S. economy is recovering at a moderate pace which helped the dollar index to rise but it fell from high of 88.58.

With regard to the euro-dollar pair, it is moving sideways as seen on the daily charts after falling earlier today to a low of 1.1900, where the 16-nation currency is still traded below its lowest level in four years against the greenback on the back of the debt crisis that erupted in Greece and moved to other European nations. In response to the looming debt woes, EU finance ministers approved a rescue fund backed by 440 billion euros to be provided in the form of loans to nations that asks for it in an attempt to halt the spread of the Greek debt contagion to other European nations.

After the euro had breached of $1.20 on Friday and opened on a gap on Monday, some analysts expect the euro to continue its fall to $1.18 or even to $1.17. The pair reached a high of 1.1981 today while for the rest of the day the pair is predicted to move between support and resistance at 1.1910 and 1.2005 respectively.

As for the sterling-dollar pair, it declined on the daily charts but halted its surge when it touched a low of 1.4371. The incline on the 4-hour and 1-hour timeframes pulled the pair upside to 1.4413, where it is currently trading. Fitch announcements today sparked concerns that the U.K. may be downgraded like Greece, Spain, and Portugal from its top credit rating which caused the sterling to drop. Earlier today, the pair reached a high of 1.4527, while it is expected to move between support at 1.4395 and resistance at 1.4465.

Relative to the dollar-yen pair, it is showing slight incline on the daily charts, but the pair is declining on the 4-hour and 1-hour charts; however, it is unable to remain above strong resistance at 91.64. The pair is currently trading at 91.39 after hitting a high of 91.91 and a low of 91.21, whereas support is seen at 90.90 while resistance is at 92.65.