Majors slightly gained in today's Asian session following yesterday's drop as fears spread in the currencies market after Asian and the U.S equity markets dropped. The USDIX that tracks the strength of the dollar against a basket of currencies declined today recording a low of 75.52 and a high of 75.69.
The euro dollar pair inclined slightly recording a high of 1.4872 and a low of 1.4847, having the 16 nation's currency trading around 1.4870. The pair fell yesterday from the 1.4892 levels back to the 1.4855 levels and today it is having a resistance at 1.4915 along with a support at 1.4825. The euro zone's GDP will be released today that may help the pair to gain further and if it showed an expansion. We may see the pair breaching the resistance and trading near the 1.4980 levels. However, the pair is trading in an oversold area according to the four hour momentum indicators.
Regarding the pound dollar pair, it is consolidating between 1.6565 and 1.6610 recording a high of 1.6606 and a low of 1.6573, having the royal pound trading around 1.6605. The pair is havinga support at 1.6550 along with a resistance at 1.6650. The pair may incline today according to the four hour stochastic oscillator to breach the resistance and target 1.6695 levels.
Finally, the dollar yen pair fell slightly recording a low of 90.13 and a high of 90.34, having the pair trading around 90.25. The pair is having a support at 89.90 along with a resistance at 90.60 and if the pair breached the support it will be trading around 89.45. The U.S trade balance and uni of Michigan confidence are on queue today and they may move the market on release. Yet, the daily stochastic oscillator is supporting the upside.