Today's housing data came out gloomy, confirming the fact that the world's leading economy overall revival of its several sectors remains weak and lost strong momentum throughout this past period with July's existing home sales plunging pessimistically to 3.83 million or by 27.2 percent since that the government tax program has expired and due to the ongoing downside pressures of high jobless levels.
If truth be told, the present housing market is depressed by foreclosures and mainly by the ongoing deterioration of the superpower key sector; the labor market, a major factor behind the postponement of a full recovery from the crisis and present slowed down growth, which corroded the appeal of the nation's currency; the dollar, watching in fact the dollar index plummeting on several time charts to trade 83.06 recording a high of 83.55 and a low of 82.85.
Accordingly, the euro-dollar pair is inclining on a weakened dollar and may incline further to the upside according to the four-hour stochastic oscillator, having the Union currency trading so far around 1.2679 recording a high of 1.2718 and a low of 1.2585 with a resistance seen at 1.2820 and a support level at 1.2470.
As for the pound-dollar it is inclining faintly on the four-hour chart but narrow trading on the one-hour due to current technical movements, having the royal pound trading so far around 1.5464 recording a high of 1.5513 and a low of 1.5370 with a resistance at 1.5600 and a support 1.5310, knowing that the pair is forecasted to start plummeting according to the one-hour momentum indicators.
Now, turning to the dollar-yen pair it is so far lightly inclining due to technical movements although the low-yielding Japanese currency advanced to the strongest level since June 1995 on today's pessimistic housing data to trade presently around 84.17 recording a high of 85.18 and a low of 83.57 with a resistance level seen at 86.40 and a support level witnessed at 83.00.