The greenback lost ground in today’s trading session after reports from the European Union emerged that aid will be sent soon for Greece in order to reduce the ballooning deficit, thus encouraging investors to turn away from low yielding assets and into higher ones along with targeting stocks; especially financial shares therefore affecting the performance of the Dollar against major currencies around the world as it declined against majors except the Japanese Yen.
Stocks in the United States rallied where the DJIA managed to pull off the largest daily percentage gain in more than six months, whereas financial, oil & gas along with the industrial shares managed to pull indices higher and slash off yesterday’s losses and pushing the DJIA to return to trading above 10.000 levels.
Looking at the U.S Dollar Index; which measures the performance of the Green Benjamin against a six major currencies including the Euro, Pound and Yen it sank in today’s trading where the index opened at 80.236 and currently trading at 79.842 after reaching the highest levels for today at 80.252 and the lowest at 79.563.
Meanwhile The euro-dollar pair is gaining on the daily and four hour scale where it breached the resistance levels at $1.3736, the pair is in attempt to breach the upcoming resistance levels at $1.3808 to reach its targets at $1.3921, on the four hour chart the pair is trading among the support levels of $1.3733 and the resistance levels at $1.3832 but the pair holds a strong tendency to decline in a correctional move as its trading within an overbought area on various Oscillators. The pair is currently trading at $1.3777 where it managed to reach the highest levels for today at $1.3839 and the lowest at $1.3641, meanwhile the upcoming support and resistance levels for the pair are set at $1.3740 and $1.3800.
Moving to the cable, the pair is gaining on the daily scale where it’s currently trading at $1.5699 while it managed to reach the highest levels for today at $1.5744 and the lowest at $1.5559. The pair is expected to incline on intraday basis targeting $1.5745 and $1.5845 but for the expectations to validate, the $1.5570 level must remain intact. The upcoming support and resistance levels for the pair can be witnessed at $1.5570 and 1.5745 respectively.
Finally talking about the USDJPY pair, the pair managed to slash yesterday’s losses as it is rising on the daily scale and targeting the resistance levels at $89.94, expectations for intraday direction is bearish targeting $88.50 and $87.75 levels whereas a breach of $89.15 will assist the pair to decline faster. The pair is currently trading at $89.54 while it managed to reach the highest point at $89.79 and the lowest at $89.14, meanwhile the upcoming support and resistance levels for the pair can be witnessed at $88.90 and $89.90 respectively.
