Majors are consolidating in today's Asian session after they dropped against the U.S dollar yesterday since fundamentals showed the British economy shrank 3.2% in 4Q worse than forecasts. The USDIX that tracks the dollar's strength against a basket of currencies is fluctuating between a high of 78.54 and a low of 78.39.
The euro dollar pair is consolidating between 1.4100 levels and 1.4050 levels, having the union currency trading around 1.4075. The pair may incline today according to momentum indicators on the four hour and one hour charts, and it is having a support at 1.4050 along with a resistance at 1.4140. However, the German CPI will be released today that should affect the pair on release.
Regarding the pound dollar pair, continued taking a downside today recording a low of 1.6118 and a high of 1.6153, while the royal currency is currently trading around 1.6130. The pair is trading in an oversold area according to the stochastic oscillator on the daily and four hour charts that make us expect a slight incline for the pair to offset yesterday's drop. Today's trading range shall be between 1.6075 and 1.6205.
Finally, the Japanese yen continued to rally against its American counterpart, and the pair recorded a low of 89.13 and a high of 89.71, while it is currently trading around 89.25. The pair is currently below the key support of 89.40 that might be followed by further declines to the 88.30 levels. However, the pair is trading in an oversold area according to momentum indicators on the daily charts.