Trading today is within narrow ranges after the dollar's rebound earlier today on technical corrections. European and U.S. stocks retreated at early trading, as investors decided to book profits after the stock's rally. Meanwhile, markets are waiting for strong data or announcements to determine its direction, after the wave of optimism that prevailed in markets, since the release of the GDP of the U.S. last Friday. Data released today in the U.S. and other major economies, are giving mixed signs. Now, the dollar index is now at 77.62, compared with the opening of 77.59.
The euro-dollar pair is showing a decline on the daily charts; however, it is showing a slight incline on the 4-hour charts. Today, the euro zone released its producer price index for June, showing mixed signs as the monthly reading improved, while the yearly reading hit its lowest since 1982. Meanwhile, the euro is traded at 1.4398, recording a high of 1.4433 and low of 1.4366, along with support at 1.4331 and resistance at 1.4433.
Relative to the pound-dollar pair, it is moving sideways on the daily and 4-hour charts. On Tuesday, the U.K. released its PMI construction showing a decline in contraction, yet it is still contracting since it did not exceed the 50 barrier. So far, the pound is being traded at 1.6923, reaching a high of 1.7003 and a low of 1.6908 with support at 1.6903 and resistance at 1.7004.
In regards to the dollar-yen pair, it is declining on daily charts according to the Stochastic Oscillator indicator. The slump in stock markets aroused skeptics and enhanced demand on the yen, as a refuge asset. Now, the yen is traded at 94.69 hitting a high of 95.45 and a low of 94.35, along with support at 94.49 and resistance at 94.85.
The euro-dollar pair is showing a decline on the daily charts; however, it is showing a slight incline on the 4-hour charts. Today, the euro zone released its producer price index for June, showing mixed signs as the monthly reading improved, while the yearly reading hit its lowest since 1982. Meanwhile, the euro is traded at 1.4398, recording a high of 1.4433 and low of 1.4366, along with support at 1.4331 and resistance at 1.4433.
Relative to the pound-dollar pair, it is moving sideways on the daily and 4-hour charts. On Tuesday, the U.K. released its PMI construction showing a decline in contraction, yet it is still contracting since it did not exceed the 50 barrier. So far, the pound is being traded at 1.6923, reaching a high of 1.7003 and a low of 1.6908 with support at 1.6903 and resistance at 1.7004.
In regards to the dollar-yen pair, it is declining on daily charts according to the Stochastic Oscillator indicator. The slump in stock markets aroused skeptics and enhanced demand on the yen, as a refuge asset. Now, the yen is traded at 94.69 hitting a high of 95.45 and a low of 94.35, along with support at 94.49 and resistance at 94.85.
