So far major pairs are narrow trading mainly on technical movements although the green Benjamin reached its lowest level in the prior EU session against the currencies of six U.S trade partners as it is highly speculated that the Federal Reserve Chairman Ben S. Bernanke will signal to Congress that the central bank will maintain economic stimulus.
Therefore, the euro-dollar pair is so far narrow trading to have the Union currency trading at 1.3791 recording a high of 1.3855 and a low of 1.3709 knowing that the pair is forecasted to climb to the upside according to the four-hour stochastic oscillator. The trading range for this week is among the key support at 1.3610 and the key resistance at 1.4160.
Furthermore, the pound-dollar pair is consolidating as mixed signs are seen throughout the momentum indicators at different time scales, having the royal pound trading at 1.6251 recording a high of 1.6275 and a low of 1.6070. The trading range for this week is among the key support at 1.5960 and the key resistance at 1.6420.
As for the dollar-yen pair, it is narrow trading so far due to current strong technical movements, having the low-yielding yen trading so far around 81.84 recording a high of 81.97 and a low of 81.60. The trading range for this week is among the key support at 79.60 and the key resistance at 83.35.