The Japanese yen and the U.S. dollar retreated today against higher yielding currencies, on hopes of economic recovery; after the G-20 meeting which had increased confidence. Moreover, the dollar index retreated to 77.95 from the day's opening at 78.14. Today, there are no important fundamentals from major economies and therefore movements are within narrow ranges.
The euro-dollar pair is showing an incline on the daily and 4-hour charts. Today, Germany will release its Factory Orders for the month of July with expectations showing an expansion for the fifth month; giving support to the euro. Meanwhile, the euro is traded at 1.4342, recording a high of 1.4361 and low of 1.4295, where the pair is supported by 1.4334 and faces the coming resistance of 1.4352.
The sterling-dollar pair is also showing an upside bias on the daily charts, whereas the pair is declining slightly on the 4-hour and 1-hour charts. Today, there is lack of fundamentals from the U.K. so the pound will follow the general trend in the market. So far, the pound is traded at 1.6409 setting a high of 1.6442 and a low of 1.6364; while the upcoming support for the pair is seen at 1.6393, and the resistance is spotted at 1.6433.
In regards to the dollar-yen pair; it is inclining for the second day from the downside trend seen on the daily charts. However, the pair is showing s slight decline on the 4-hour and 1-hour charts. Now, the pair is trading around 93.10, after hitting a high of 93.30 and a low of 92.82; while the pair is currently facing the coming support level at 92.98, while the resistance is spotted at 93.17.