Forex trends: greenback slumps, touching multi-day lows vs counterparts

The US dollar declined against its Japanese counterpart in early Asian trading on Wednesday. The greenback plunged to 88.24 against the yen around 8:40 pm ET, the lowest mark since October 8. The next downside target for USD/JPY pair is seen around the 88.0 level. The pair, which closed Tuesday's North American deals at 88.5, is currently quoted at 88.31.

 In early deals on Wednesday, the dollar weakened against the pound. At present, the dollar is trading at a 2-day low of 1.6636 against the pound with 1.6651 seen as the next target level. Cable was worth 1.6586 at yesterday's close.

 During early Asian trading on Wednesday, the US dollar fell to a 2-day low of 1.4996 against the euro. This may be compared to Tuesday's closing value of 1.4969. If the dollar weakens further, it may target the 1.505 level.

 The U.S. dollar that closed yesterday's trading at 1.0090 against the Swiss franc declined to an 8-day low of 1.0071 in early Asian deals on Wednesday. The next downside target level for USD/CHF pair is seen at 1.004.