The U.S. dollar is continuing its advance against majors in the absence of data from major economies which made movements in currency market calm today amid thin trading from investors. The dollar index, which tracks the dollar movements versus a basket of major currencies, inched up to 80.52 from the day's opening at 80.42, paring its decline earlier today when Asian stocks bounced.
With regard to the euro-dollar pair, it is showing a slight decline to continue the bearish direction that started since the beginning of December, where the 16-nation currency is currently traded at nine-month low versus the dollar. Investors expect the euro to decline more despite the EU's pledge to bailout Greece which is putting downside pressure on the 16-nation currency. Now, the pair is traded at 1.3603 after reaching a high of 1.3553 and a low of 1.3584, where the coming support is seen at 1.3560 and next resistance is at 1.3655.
As for the sterling-dollar pair, it is moving sideways on the daily and 4-hour charts. The pair is still not able to rebound from the downside trend that started since mid November. Now, the pair is traded at 1.5476, recording a high of 1.5507 and a low of 1.5429, while it is moving between support at 1.5455 and resistance at 1.5525.
Relative to the dollar-yen pair, it is showing a slight decline on the daily charts. Meanwhile, the pair is traded at 91.30, reaching a high of 91.90 and a low of 91.16, while it is moving between support at 91.25 then 90.65 and resistance at 91.50 then 92.15. The pair fell after the failing to remain above strong resistance at 91.65 which represents 23.6% Fibonacci retracement to the upside trend that started in December.