FXstreet.com (Barcelona) - Asian markets are going through declines on Wednesday as month long rally fades with investors awaiting for the statement of the U.S. Federal Reserve's monetary policy committee. Euro and Pound consolidate at higher levels after two days rally.

Hong Kong's Hang Seng Index dropped 0.4%, with South Korean Kospi Index 0.4% lower and China's Shangai Composite Index 0.3% down, In Australia, the S&P Index rose 1.5%. Japanese market is closed for national holiday.

Today's focus is on the Federal Reserve's monetary policy meeting, investor's expect the Fed to leave interest rates unchanged at all time lows, while the Bank's statement will be closely watched for clues about the pace and strength of economic recovery as well as for the outlook of U.S. economy.

Euro and Pound, steady at higher levels

EUR/USD remains trading at levels above 1.4800 after having hit yet another 2009 high at 1.4843 on early Asian session. The Euro has rallied from 1.4610 low on Monday, and the pair has entered overbought levels on daily and 4 hour charts. At the moment the Euro trades at 1.4810.

GBP/USD rally from 1.6130 low on Monday has extended to 1.6400 Resistance area which is being tested at the moment. The Pound eased during early Asian session to 1.6340 support area from Tuesday's high at 1.6395 and the pair returned upwards tio test the mentioned 1.6400 area ahead of the European session opening.

USD/JPY decline from 92.55 high on Monday has extended on Wednesday Asian session to levels below 91.00 as the pair dropped to test 90.50 support level, which so far remains intact, while the Dollar has picked up to levels between 90.65 and 90.90.