Major taking a correctional move after yesterday's drop

By IBTimes Staff Reporter | April 23 2010 1:33 AM

Major currencies took a correctional move to the upside in today's Asian session, after sharp declines we witnessed yesterday due to rising concerns about Greece budget deficit. The USDIX that tracks the dollar's strength against a basket of currencies recorded a high of 82.08 and a low of 81.66, while the index is currently trading around 81.90.

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The euro dollar pair rose slightly in the Asian session to record a high of 1.3241 and a low of 1.3204, having the union currency trading around 1.3236. Yesterday the pair fell from the 1.3385 levels to the 1.3210 levels, and today the pair is taking a correctional move to the upside having a resistance at 1.3380 along with a support at 1.3195, while the pair still trading in the oversold area according to the daily momentum indicators. However, the euro zone's industrial new orders will be released today that may affect the pair.

Regarding the pound dollar pair, it inclined recording a high of 1.5377 and a low of 1.5324, having the royal currency trading around 1.5370. The pair is having a resistance at 1.5455 along with a support at 1.5280, and the stochastic oscillator on the daily and four hour charts is supporting the upside. Moreover, the British GDP is on queue today and it tends to move the market on release.

Finally, the dollar yen pair is consolidating between the 93.65 levels and the 93.15 levels recording a high of 93.52 and a low of 93.29, having the pair currently trading around 93.45. Today's support could be found at 92.25, while the resistance could be found at 93.70, and the pair may incline today according to the daily stochastic oscillator.