The weak greenback is currently struggling against a number of major currencies in today’s trading.
After ending last week on a low note, the EUR/USD is making a slight recovery during today’s European session. The pair peaked on Thursday last week near the 1.3870 area, but it has been a downhill slide from there. It opened today’s Asian session at 1.3814 before dropping further to a low of 1.3807. However, it’s been on recovery mode since then and has since peaked at 1.3827 today. It is currently trading at 1.3823 with initial resistance seen at 1.3816, followed by 1.3851. Meanwhile, initial support is at 1.3801, followed by 1.3766.
It’s been the same story with the GBP/USD pair today so far, as it also managed to improve as the day progressed. This also came after a decline on Thursday last week after reaching highs around the 1.6840 area. The pair opened at 1.6785 during today’s Asian session, after which it only suffered a short dip before climbing up. It is currently trading at 1.6812 with initial resistance seen at 1.6799, followed by 1.6840. Meanwhile, initial support is at 1.6768, followed by 1.6726.
The greenback also suffered against the Swiss franc, as the USD/CHF pair slid sharply prior to the opening of the European session. It opened the Asian session at 0.8833 before going on a downward trend. It is currently trading at 0.8821 with initial resistance seen at 0.8846, followed by 0.8868. Meanwhile, initial support is at 0.8830, followed by 0.8807.
Then finally, the aussie managed to recover against the greenback today after dropping sharply during the Asian session. It opened at 0.9332 before bottoming out at 0.9315. After that, however, the AUD/USD pair has been on recovery mode and has since peaked at the 0.9335. It is currently trading at 0.9330, with initial resistance seen at 0.9353, followed by 0.9376. Meanwhile, initial support is at 0.9331, followed by 0.9307.
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