Throughout the day today we saw the dollar gaining some strength as a result of today's cheerful retail sales data, which showed us that the country's retail sales were able to climb cheerfully to their highest level in five months in February; a crystal clear sign that the recovery is taking place successfully at a gradual pace and therefore that the world's leading economy is picking up.
On the other hand we watched a significant weakening of the yen throughout the day as well, having the Japanese currency in fact dropping to its weakest level against the dollar in almost 11 months after that the Bank of Japan Governor confirmed that the central bank will keep using monetary policy as a tool to undertake deflation.
However so far major pairs are actually narrow trading as a result of the current technical movements taking place in the market, yet dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, climbed from today's opening level of 79.76 to currently trade at 80.21, recording its highest level at 80.32 and lowest at 79.70.
Plus commodities fell as the dollar strengthened on speculation the Fed won't offer another monetary stimulus. Gold prices fell to reach $1687.62 per ounce from the opening price of $1700.01. Oil dropped to reach $105.81 after opening at $106.62 per barrel.
Now the euro is consolidating on the one-hour and four-hour chart and is forecasted to show later on an incline according to the one-hour and four-hour stochastic oscillator with in fact so far the EUR/USD pair trading around $1.3107 while recording the highest level of $1.3190 and lowest level of $1.3051.The trading range for today is among key support at 1.2930 and key resistance at 1.3375.
The British Pound is plummeting throughout the one-hour and our-hour scale driving accordingly the GBP/USD pair to trade around $1.5731 while recording the highest level of $1.5746 and lowest of $1.5619 and is projected to plunge further to the downside according to the one-hour and four-hour momentum indicators.The trading range for today is among key support at 1.5420 and key resistance at 1.5880
Finally, the Dollar rose of course versus today's weak Japanese Yen and is forecasted to continue on climbing up to the upside according to the one-hour and four-hour momentum indicators with the USD/JPY pair trading around ¥82.66 while recording the highest level of ¥82.84 and lowest levels of ¥81.95.