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Currencies Update: Narrow trading of the major pairs after a strong weakening of the U.S currency
Written by article default Wednesday, 24 November 2010 11:07
So far major pairs are trading in narrow ranges due mainly to technical movements present within the currencies market after that throughout the prior EU session the green Benjamin lost considerable strength as its refuge appeal was corroded after that the world's leading economy saw its jobless claims fell to their lowest level since July 2008, boosting up hope that the unending deteriorated labor market is starting to truly revive progressively.Accordingly, as a result of the current technical movements the euro-dollar pair is now consolidating and shows mixed signs according to the momentum, indicators at different time scales with the Union currency now trading around 1.3353 recording a high of 1.3420 and a low of 1.3282. The trading range for today is among the key support at 1.3215 and the key resistance at 1.3565.
As for the pound-dollar pair, it is also narrow trading but can start to rise to the upside according to the four-hour stochastic oscillator, having the royal pound now trading around 1.5771 recording a high of 1.5836 and a low of 1.5739. The trading range for today is among the key support at 1.5645 and the key resistance at 1.5965.
Now, turning to the dollar-yen pair, it is consolidating as well due to technical movements and may start to incline according to the one-hour momentum indicators, having the low-yielding yen now trading at 83.38 recording a high of 83.49 and a low of 82.92. The trading range for today is among the key support at 81.50 and the key resistance at 85.00.