The Japanese yen and the green currency climbed for the second day after the Chinese Premier Wen Jiabo mentioned that global recovery is patchy. Meanwhile there are fears from a W-shaped recession which means another drop after the progress witnessed. The dollar index rebounded from 15-month, while the yen strengthened as Asian stocks fell.
As regards to the euro-dollar pair, it is showing a decline on the daily charts but it is inclining on the 4-hour charts and 1-hour charts. The pair reversed down from an overbought area as indicated by the Stochastic Oscillator on the daily charts after breaching the strong psychological support at 1.5000. The euro zone released today its industrial production showing improvement for the fifth month; however, the euro was not impacted and corrected to the downside. The pair is currently traded at 1.4946 recording a high of 1.5016 and a low of 1.4926, while the coming support is at 1.4960 and resistance at 1.4920.
As for the sterling-dollar pair, it is declining on the daily charts, but it is inclining on the 4-hour charts. The pound dropped for the second day today after King's announcements that a depreciating pound is better for the economy in the coming period. So far, the pound is trading at 1.6560 setting a high of 1.6623 and a low of 1.6514; while the coming support for the pair is seen at 1.6590 and the resistance is spotted at 1.6540.
With regard to the dollar-yen pair, it is moving sideways over daily and 4-hour basis. Now, the pair is trading around 89.74 after hitting a high of 89.97 and a low of 89.63; while the pair is currently facing the coming support level at 89.65, while the resistance is spotted at 89.97.