Major currencies took a correctional move today ahead of the U.S GDP advanced reading that is expected to show the world's largest economy expanding and getting out of recession. The USDIX declined in today's Asian session recording a low of 76.33 and a high of 76.56, while it is now trading around 76.37.
The euro dollar pair gained recording a high of 1.4731 and a high of 1.4683, having the 16 nation's currency trading around 1.4730. Today the pair is trying to take a correctional move to the upside after three days declining and the pair breached the 1.4750 level yesterday falling back to the 1.4690 form where it gained back to the 1.4715. The pair is having a resistance at 1.4770 along with a support at 1.4675. We may see the pair inclining more today according to the one hour stochastic oscillator and if it broke the resistance it will target 1.4830, having in mind that the euro zone's consumer confidence will be released today that will affect the pair's trades.
As for the pound dollar pair, it gained slightly recording a high of 1.6402 and low of 1.6336, having the royal pound trading around 1.6390. The pair is having a resistance at 1.6445 along with a support at 1.6330. If the pair traded above the resistance it may reach the 1.6500 levels. However, the four hours stochastic oscillator is supporting the upside.
Finally, the dollar declined against the Japanese yen following yesterday's sharp decline. The pair recorded a low of 90.23 and a high of 90.68. The pair is having a support at 90.00 along with a resistance at 90.40. The pair is anticipated to decline further today according to the daily stochastic oscillator and if it breached the support, we may see it trading near the 89.77 levels. The advanced reading of the U.S GDP is on queue today and it tends to move the market on release.