The green currency continued its downside fall against majors for the sixth consecutive day on hopes the recession is finding a bottom after the upbeat data released from large economies showing ongoing progress which boosted demand on higher-yielding assets. The dollar index, a gauge of the dollar's strength against six major currencies, is now at 76.65 compared with the opening at 76.81.
As regards to the euro-dollar pair, it is overbought on the daily charts as indicated by the Stochastic Oscillator momentum indicator. Nevertheless, on the 4-hour and 1-hour charts, the pair is showing slight decline. Today, euro zone lacks important fundamentals, thus movements are expected to be more technical. The euro signaled today 9-month high versus the dollar on signs the recession is abating. Meanwhile, the euro is traded at 1.4584 recording a high of 1.4628 and low of 1.4568, where the pair is supported by 1.4579 then 1.4567 and faces the coming resistance of 1.4595.
As for the sterling-dollar pair, it is also moving in an overbought area on the daily and 4-hour charts, according to the Stochastic Oscillator. However, on the 4-hour charts it is showing slight downside tendency. PPI was released in the
With regard to the dollar-yen pair, it is declining on the daily and 4-hour charts heading to an oversold area. The dollar touched its lowest in seven-month versus the yen today after the release of upbeat industrial production report in