The Japanese yen and U.S. dollar plunged versus other major currencies in narrow-range trading day amid holidays ahead of the yearend. Meanwhile, there are hopes of recovery from major economies after the strong data released recently. Japanese industrial production rose in November and China raised its economic growth projections today. The dollar index, a gauge of the dollar's movements versus a basket of major currencies, slipped for the third day to 77.65 from the day's opening at 77.76.
With regard to the euro-dollar pair, it is inclining for the third day after falling from a high of 1.5140 on December 3. On the 4-hour and 1-hour charts, the pair is moving sideways in a day that lacks economic fundamentals from the euro zone. Currently, the pair is traded at 1.4393 recording a high of 1.4400 and a low of 1.4352, whereas the coming support is at 1.4352 and resistance at 1.4424.
As for the sterling-dollar pair, it is moving sideways on the daily and 4-hour charts as it faces strong resistance at 1.5980 which represents 76.4% Fibonacci retarcement to the upside trend that started on October 13, where it is currently traded at 1.5975 after setting a high of 1.5993 and a low of 1.5930; while the coming support for the pair is seen at 1.5930 and the resistance is spotted at 1.6020.
Relative to the dollar-yen pair, it is also consolidating on the daily and 4-hour charts despite the upbeat Japanese industrial production report. Now, the pair is trading around 91.50 after hitting a high of 91.75 and a low of 91.39; while the pair is currently facing the coming support level at 91.34, while the resistance is spotted at 91.70.