The U.S. dollar continued its downside scenario, dipping to a record against the euro. The dollar index, a gauge of the dollar's strength versus six major currencies, retreated to 75.98 today,compared with the opening at 76.18. The green currency dropped sharply this year, as it played the role of a safe haven amid signs of recovery. Analysts expect it to drop even more, as economies emerge from the recession.
The euro-dollar pair inclined on the daily charts, but declined on the 4-hour and 1-hour charts. The euro zone released its ZEW Survey for the month of October, whereitshows deterioration. However, the euro was slightly impacted by the downbeat report. The pair touched the year high at 1.4875, while it is currently traded at 1.4825, recording a high of 1.4876 and low of 1.4760; where the pair is supported by 1.4800 and faces the coming resistance of 1.4850.
The pound-dollar pair showed an incline on the daily and 4-charts. The
The dollar-yen pair slightly declined on the daily charts, but on the 4-hour and 1-hour charts the pair is showing a slight decline. Currently, the pair is facing a strong resistance at 90.10, which caused the pair to retreat to 89.70, recording a high of 90.18 and a low of 89.43, while the closest support is at 89.50.