The green currency rebounded from 14-month low against a basket of major currencies, paring some of its losses after the release of lower-than-estimated earnings by Goldman Sachs, which enhanced demand on refuge assets. The dollar index, which tracks the dollar's movements versus a basket of major currencies, surged to 75.58 after touching a low of 75.20 earlier today.
The euro-dollar pair tradedwith adownside bias, seen over daily charts. However, on the 4-hours and 1-hour charts the pair is inclining. The pair is moving in an overbought area after the euro has risen to 14-month high against the dollar. The euro area released today's CPI for September showing a decline and raising concerns. Trichet mentioned today that too much volatility in FOREX markets is an enemy threatening economic stability. Meanwhile, the euro is traded at 1.4907 recording a high of 1.4967 and low of 1.4842, where the pair is supported by 1.4880 then 1.4965 and faces the coming resistance of 1.4923.
The sterling-dollar pair showed anincline on the daily and 4-hour chart. The pair is doing an upside correction in a day that lacks fundamentals from the
The dollar-yen pair showed an upside tendency over daily basis, but on the 4-hour and 1-hour charts the pair is slightly inclining. The pair succeeded in breaching a strong resistance level at 90.27, which represents 23.2% Fibonacci retracement. Now, the pair is trading around 90.65, after hitting a high of 90.78 and a low of 89.25; while the pair is currently facing the coming support level at 90.47, while the resistance is spotted at 90.80.