The euro weakened against the dollar, while the pound is still climbing and breaking more resistance levels. Investor's appetite for risk is still strong and traders are buying high yielding currencies making the dollar and the yen slip. The USDIX inclined today reaching a high of 77.48.
The euro dollar pair declined after recording a high of 1.4429 and a low of 1.4378. Yesterday the PMI manufacturing index in Europe came better than forecasts leading to more optimism in markets and supporting the euro to gain and currently it is trading around $1.4390. The pair is having a resistance at 1.4470 along with a support at 1.4330. The general trend is to the upside and it is expected that the pair will break the resistance to target 1.4500. However, momentum indicators on the daily scale are supporting the uptrend.
Regarding the pound dollar pair, it is still climbing as yesterday the pair breached resistance levels at 1.6800 and 1.6900 and today it recorded a high of 1.7001 and a low of 1.6923, having the pound trading around 1.6945. The pair is having a resistance at 1.7000 and a support at 1.6835. Consumer confidence in the U.K will be released today and it may affect the pair's trend. According to the stochastic oscillator on the daily charts, the pair is trading in an overbought area.
Finally, the dollar yen pair is consolidating between 95.50 and 95.00 reaching a high of 95.45 and a low of 95.08. The pair is having a resistance at 95.75 along with a support at 95.00. So far, the RSI indicator on the four hour scale indicates that the pair is trading in an overbought area. Today fundamentals concerning PCE core and personal spending in the U.S will be released affecting the pair's trades.
The euro dollar pair declined after recording a high of 1.4429 and a low of 1.4378. Yesterday the PMI manufacturing index in Europe came better than forecasts leading to more optimism in markets and supporting the euro to gain and currently it is trading around $1.4390. The pair is having a resistance at 1.4470 along with a support at 1.4330. The general trend is to the upside and it is expected that the pair will break the resistance to target 1.4500. However, momentum indicators on the daily scale are supporting the uptrend.
Regarding the pound dollar pair, it is still climbing as yesterday the pair breached resistance levels at 1.6800 and 1.6900 and today it recorded a high of 1.7001 and a low of 1.6923, having the pound trading around 1.6945. The pair is having a resistance at 1.7000 and a support at 1.6835. Consumer confidence in the U.K will be released today and it may affect the pair's trend. According to the stochastic oscillator on the daily charts, the pair is trading in an overbought area.
Finally, the dollar yen pair is consolidating between 95.50 and 95.00 reaching a high of 95.45 and a low of 95.08. The pair is having a resistance at 95.75 along with a support at 95.00. So far, the RSI indicator on the four hour scale indicates that the pair is trading in an overbought area. Today fundamentals concerning PCE core and personal spending in the U.S will be released affecting the pair's trades.
