The Dollar and the Yen advanced today in trading where the low yielding assets are the favorite investments for hedge-fund managers thus providing the Dollar with enough momentum to rise for a second straight day after concerns about Greece’s debt problem still haunted investors' minds, in addition a lack of fundamentals today allowed investors to steer markets as they desire where they are currently re-assessing the outlook for global economies and the direction they are headed for.
As for the U.S Dollar Index, it rose on the daily scale where it’s currently trading at 80.645 compared with the opening levels of 80.466 where it managed to reach the highest for today at 80.855 and the lowest at 80.414.
The euro-dollar pair is gaining on the four hour scale, where it's dropping on the daily scale, the pair is currently targeting the resistance levels at $1.3610 in order to complete the rise to target the resistance at $1.3625 which was projected to occur as the Stochastic Oscillator is providing positive signs for a bullish trend on the four hour scale as it's currently trading in an oversold area. The pair is trading at $1.3605 while it managed to reach the highest levels for today at $1.3635 while the lowest was set so far at $1.3535, as for the upcoming support and resistance levels, they are set at $1.3585 and $1.3670 respectively.
Moving to the Sterling, the pair continued to slump for a second consecutive day where it's currently trading at $1.5007, compared with the opening levels of $1.5066, meanwhile the pair is gaining on the four hour scale as it's currently projected that the pair will rise further to test the upcoming resistance levels at $1.5069 in order to achieve its targets at $1.5121. the pair managed to reach the highest levels for today at $1.5194 while the lowest was set at $1.5028, the upcoming support and resistance levels can be witnessed at $1.4990 and $1.5030 respectively.
Finally talking about the USDJPY pair, the pair continued to slump as well for a second day, where it's currently testing the support level at $89.90, which is considered a very strong support level since it represents the 61.8% Fibonacci level, expectations show that the pair will continue to decline so long as trading remains below 90.60 therefore the pair is projected to breach the mentioned support level and decline further to the support level at $89.28. the pair managed to reach the highest level for today at $90.32 and the lowest at $89.61 while it's currently trading at $89.96, the upcoming support and resistance levels can be witnessed at $90.10 and $90.85 respectively.
