Consolidated pairs and weak dollar…

By IBTimes Staff Reporter | December 23 2009 2:18 PM

So far, the major pairs are narrow trading throughout the currencies market ahead of the Christmas holidays and on strong technical movements, however the green Benjamin fell from a three-month high after that the housing data new home sales have been reported and came out gloomy and worse-than-forecasted, boosting concerns around the present economical revival of the world's superpower.

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As a result the euro-dollar pair is consolidating so far on technical movements after a prior strong incline of the pair within the EU session, having the euro trading at 1.4347 recording a high of 1.4365 and a low of 1.4232 with a resistance at 1.4386 and a support at 1.4307, knowing that the pair may start plunging according to the one-hour and four stochastic oscillators.

As for the pound-dollar pair, it is narrow trading as well up till now to actually have the royal pound trading around 1.5957 recording a high of 1.5992 and a low of 1.5922 with a resistance at 1.6066 and a support at 1.5831, having in mind that the pair shows a strong tendency to rise to the upside according to the four-hour momentum indicators.

Now, turning to the dollar-yen pair, it is so far consolidating between a resistance level at 92.58 and a strong support level witnessed at 90.79 as mixed signs are detected throughout the momentum indicators at different time scales, having the low-yielding yen currently trading at 91.57 recording a high of 91.86 and a low of 91.29.