Majors consolidating ahead of the FOMC rate decision

By @ibtimes on

Consolidation found its way back to the currencies market in today's Asian session having the euro and the pound trading in sideways against the U.S dollar after Asian equity markets rose today for the first time in three days. The USDIX declined today recording a low of 76.24 and a high of 76.39.

The euro dollar pair is consolidating between 1.4740 and 1.4690 recording a high of 1.4737 and a low of 1.4702, having the euro trading around 1.4735. The pair is having a support at 1.4670 along with a resistance at 1.4790. The pair may incline today according to the four hour stochastic oscillator so it may breach the resistance to trade near the 1.4845 levels. The euro zone's PPI will be released today that may affect the pair's trades.

As for the pound dollar pair, it is consolidating between 1.6445 and 1.6390 recording a high of 1.6437 and a low of 1.6399, having the royal currency trading around 1.6430. The pair is having a resistance at 1.6475 along with a support at 1.6370. The pair will be trading near the 1.6530 if it breached the resistance and it will be trading around 1.6315 if the support was breached. However, the four hour stochastic oscillator is supporting the upside.

Finally, the dollar fell slightly against the Japanese yen recording a low of 90.03 and a high of 90.42, having the pair trading around 90.35. The pair is having a support at 90.00 along with a resistance at 90.45. If the pair broke the support it will target 89.65. The U.S employment change and the FOMC rate decision will be released today that will move the market on release. Yet, the pair is trading in an oversold area according to the daily momentum indicators.

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