The greenback loosing momentum

By IBTimes Staff Reporter | June 08 2010 3:13 AM

Majors traded in narrow ranges with an upside bias during today's Asian session, after witnessing some losses yesterday. The dollar index traded between the highest of 88.45 and the lowest of 88.13. Now the index trades around 88.16 level. Germany will release today its trade balance, current account, and the industrial production, while Switzerland will release its unemployment rate for the month of May. The US will lack fundamentals today, but Canada will release its housing starts while later in the day Japan will release its machine orders for the month of April.

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The euro against the dollar traded during the Asian session between the highest of 1.1980 and the lowest at 1.1921. Now the pair is trading around the 1.1974 level, between 1.1900 and 1.1980. The hourly and four hours momentum indicators point that the pair is within an overbought area. While the daily indicators show that pair might witness a positive crossover within an oversold area. The pair today may trade around 1.2100 if it breaches the 1.2040 levels, and may trade around 1.1805 if it breaches the 1.1845 levels.

The pound against the dollar traded between the highest of 1.4507 and the lowest of 1.4466. Now the pair is trading around the 1.4504 levels between 1.4495 and 1.4540. The hourly and four hours momentum indicators point that the pair is within an oversold area, while the daily indicators show that pair might witness a positive crossover within an oversold area. The pair today may trade around 1.4680 if it breaches the 1.4595 levels, and may trade around 1.4395 if it breaches the 1.4420 levels.

The dollar against the yen traded between the highest of 91.85 and the lowest of 91.49. Now the pair is trading around 91.67 levels between 91.55 and 92.05. The hourly momentum indicators show the pair might witness a negative crossover within an overbought area. The pair today may trade around 93.30 if it breaches the 92.90 levels, and may trade around 90.40 if it breaches the 90.90 levels.