Majors slightly declined in the Asian session

By IBTimes Staff Reporter | February 08 2010 2:17 AM

The green currency continued to rally against major currencies in today's Asian session extending last week's gains that came with fears spread throughout the market boosting demand for low yielding currencies. The USDIX that tracks the dollar's strength against a basket of major currencies, inclined to record a high of 80.51 and a low of 80.31, and it is currently trading around 80.49.

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The euro dollar pair fell slightly recording a low of 1.3620 and a high of 1.3666, having the union currency trading around 1.3635. The pair is anticipated to continue falling today according to the daily momentum indicators, and it is having a support at 1.3575 along with a resistance at 1.3925.

Regarding the pound dollar pair, it declined in today's Asian session to record a low of 1.5550 that lowest since May 21. The pair is currently trading around 1.5556 between the 1.5555 levels and 1.5585 levels, and momentum indicators on the daily and four hour charts saying the pair is trading in an oversold area. The pair is expected to be trading between 1.5615 levels and 1.5360 levels.

Finally, the dollar yen pair is consolidating between a low of 89.20 and a high of 89.43, while the pair is trading around 89.35. Today's support could be found at 88.45, while the resistance could be found at 90.55. However, the stochastic oscillator on the daily scale is supporting the downside.