Major currencies traded in narrow ranges against the dollar with a downward bias during the Asian session today. The dollar index traded between the highest 81.05 and the lowest 80.74. Now the index trades around the 81.02 level. The European economy will be releasing today the expectations for the consumer price index that might indicate consumption is still weak, and this could only affect growth negatively. In addition to the producers' price index that might register some improvement. From the UK the economic data will be restricted to the PMI construction expected to improve slightly. Meanwhile the US will lack any fundamental releases today, which might determine the greenback which still leads the way in the currencies markets, to move technically during today.

The euro traded against the dollar in a narrow range during the Asian session today, with a downward bias, recording the lowest at 1.3507 and the highest at 1.3561. The pair trades now around the 1.3510, and between 1.3510 and 1.3525. The one hour and four hours momentum indicators show the pair rebounded from an oversold area, yet now it became close to an overbought area. The pair is expected to trade today around the 1.3575 level which if breached the pair might target the 1.3655, yet if the pair breaches the 1.3445 level the pair might target the 1.3360 level.

The sterling traded against the dollar in a narrow range during the Asian session today, recording the lowest at 1.4855 and the highest at 1.4977. The pair trades now around the 1.4865, and between 1.4850 and 1.4945. The one hour and four hours momentum indicators show the pair rebounded from an oversold area, yet now it became close to an overbought area. The indicators also show there is a possibility of a negative crossover in the overbought area. The pair is expected to trade today around the 1.4985 level which if breached the pair might target the 1.5060, yet if the pair breaches the 1.4785 level the pair might target the 1.4730 level.

As for the dollar/yen pair, it recorded the lowest at 89.15 and the highest at 89.36. The pair now trades around the 89.22 level, and between the 89.00 and the 89.70 level. The one hour and four hours momentum indicators show the pair rebounded from an overbought area, however the daily indicators show there is a possibility of a positive crossover in an oversold area. The pair is expected to trade today around the 90.00 level which if breached the pair might target the 90.25, yet if the pair breaches the 88.50 level the pair might target the 88.20 level.