Majors are narrow trading after in today's Asian session after we witnessed the dollar gaining yesterday especially after fundamentals showed industrial production in the U.S rose less than analyst's estimates, which encouraged investors to turn to buy the low yielding currencies.
The euro dollar pair is consolidating between 1.4895 and 1.4860 recording a high of 1.4889 and a low of 1.4868, having the union currency trading around 1.4875. The pair is consolidating today after yesterday's drop as the pair fell from 1.4981 to the 1.4875 levels and today it is having a support at 1.4845 along with a resistance at 1.4910. The euro zone's current account will be released today that will affect the pair's moves. However, the pair is trading in an oversold area according to the four hour stochastic oscillator.
Regarding the pound dollar pair, it fell slightly recording a low of 1.6781 and a high of 1.6829, having the royal pound trading around 1.6805. The pair is having a support at 1.6730 along with a resistance at 1.6850. The pair is expected to rally today according to the daily stochastic oscillator so we may see the pair breaching the resistance and trading near the 1.6895 levels.
Finally, the dollar fell slightly against the Japanese yen recording a low of 89.13 and a high of 89.32, having the pair trading around 89.16. The pair is having a support at 88.85 along with a resistance at 89.40 and if the pair broke the support it may fall back to the 88.30. The US CPI, besides fundamentals concerning the housing sector are on queue today and they will move the market on release. Yet, the daily stochastic oscillator is supporting the downside.