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Overall, the currency market moved without a clear direction during the Asian session, as most of the time. The Asian and European sessions will probably move on weaker momentum this morning, as traders prepare for the FOMC interest rate meeting scheduled at 2:15pm EST. This release may influence the whole Wednesday session and the next few days that follow.
The Euro (Eur/Usd) moved in a 30-pip range throughout the Asian trading hours. This comes after the euro surged 220 pips against the greenback on Tuesday, as the Fed is expected to keep rates on hold for a longer period. The Euro-area economic calendar for the second part of this week is very light.
The Pound (Gbp/Usd) is currently consolidating near the high reached on Tuesday. The pair gained a little more than 100 pips in the prior day of trading, after it managed to turn around a 140 pips decline seen overnight. Over the last two weeks of trading, the pound did nothing else than move up and down in a very wide-range, of approximately 300 pips.
The Aussie (Aud/Usd) had a very small trading range during the Asian session, as the pair lacked momentum to move decisively either way. The next major resistance area for the aussie is to take out the 20-day moving average, which lies near the 0.8000 area.
The Cad (Usd/Cad) declined 30-pips throughout the Asian session, to trade near the 1.1470 area, the low touched on Tuesday. On the daily chart, the cad formed a small doji-star on Tuesday, just below the 50-day moving average.
The Swissy (Usd/Chf) was unable to move anywhere decisively during the Asian session, even though the pair had a very strong day on Tuesday. For now, the swissy trades near the 1.0650 area, the last major resistance area that holds the pair from testing 1.0590, the area where the swissy bottomed at the beginning of June.
The Yen (Usd/Yen) tried once again to break below the 95.05 area during the Asian trading hors, the area where the pair bottomed in the prior day of trading. However, the market has once again rejected the breakout attempt, and sent the yen 30-pips higher.
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