Jitters continued to persist in markets despite the efforts made by officials to boost recovery after the downgrade of the U.S. sovereign rating on Friday.

The market opened on a gap on Monday after S&P cut to U.S. sovereign rating by one step to AA+, losing its top rating for the firs time since 1941.

S&P downgrade the U.S. due its substantial debt that coincided with the sluggish growth pace in addition to the current political regime does not guarantee cutting deficit in an orderly manner any soon.

Thus, with the risk stemming from the world's largest economy, mounting debt woes in the euro area and sluggish growth in global major economies, refuges remain the most attractive to investors.

Gold rocketed to a new fresh high today touching at $1706.66 an ounce, while the yen, dollar, and franc remained the favorite.

Last week the BoJ intervened through selling yen while the Swiss National Bank cut interest rate and pledged to take other measures to stop the franc's advance, yet both banks will face hard times as investors still believe that both currencies are favorable safe haven amid the undergoing tensions.

In the euro area, the ECB bought Italian and Spanish bonds, according to people familiar with the transactions, driving the Italian and Spanish bond yields down from their record high reached last week.

Concerning the EUR/CHF pair, it slipped to trade around 1.0876, recording a high of 1.0991 a low of 1.0783.

Moreover, the dollar advanced against a basket of major currencies where the dollar index rose to a high of 74.55 compared with the day's starting level of 73.98.

Concerning the USD/JPY pair, it plunged for the second consecutive session, reversing some of last week's sharp rise when the BoJ intervened in FX market through selling yen, to trade at 77.70 after touching a high of 78.46 and a low of 77.53.

The trading range for today is among key support at 76.25 and key resistance now at 79.55.

Moving to the British pound versus the dollar, it retreated on the daily basis to 1.6415 after opening at 1.6462.

So far, the pair has recorded a high of 1.6475 while the lowest level was depicted at 1.6384, whereas the trading range for today is among key support at 1.6190 and key resistance at 1.6630.