FXstreet.com (Barcelona) - The Greenback has started the current week with some advance movement against its major rivals after the Stock markets in Asia have traded higher on the back of Japanese better than expected data. EUR/USD is trading in range between 1.4370 and the MA200 periods in 60 minutes chart at 1.4390.
Asian markets advanced today's session after the Japanese industrial production data was released as an increase of 2.6% between October and November and retail trade has bounced back to 0.2% rises in November from 0.9% declines posted in October.
The Trade The News Staff affirms: The greenback is firmer against the European major currencies (EUR/USD below $1.4400, GBP/USD near $1.5950 and USD/CHF above 1.0350). There has been speculation on today's session that US companies may be bringing some of their profits back home, which is seen as US dollar supportive. The Japanese yen is weaker across the board, with USD/JPY trading above ¥91.40, on improved risk appetite.
After rising from 1.4350 in the early Asian session to hit intra-day high at 1.4395, MA200 hourly chart zone, the EUR/USD has been trading in a narrow range between 1.4370 and 1.4390. Currently the pair is trading around 1.4380, 0.5% below today's opening price action at 1.4390.
Tomas Cedavicius, analyst at Investija.com, says: EURUSD has formed a low trading range between support at 1.4246 and resistance at 1.4396. A breakout of resistance barrier can initiate a major trend reversal. Above resistance, bears are in danger. However, while 1.4396 price level stays active, bears are looking for another rebound back to support barrier.
GBP/USD has been trading close to MA55 hourly chart at 1.5960 during the Asian session and currently Cable is moving below 1.5950 after falling 20 pips in the last hour. USD/JPY is pricing below MA55 hourly chart too, trading in range between 91.40 and 91.60.
USD/CHF has found support at 1.0340 from 1.0390 in the early Asian morning and currently the pair is trading around 1.0375, easing its previous losses and reach9ing 0.30% daily gains from opening price action at 1.0350.