Today the markets are calm as major nations lacked economic data while the dollar is mixed in the markets depreciating versus the euro while climbing past the weak pound. As the Asian stocks climbed, this meant that there was confidence in the markets which supported the fact that the worst of this global recession is over.
The euro is holding its ground versus the federal currency despite the lack of data in the markets as the pair trades at 1.5030 between the support of 1.5017 and the resistance of 1.5048. The momentum indicators are providing us with a sideways wave on the one-hour chart while the pair so far records a high of 1.5062 and a low of 1.4981.
Now turning to the pound we see that it is extending its decline against the federal currency as the pair is currently trading at 1.6296 between the support of 1.6195 and the resistance of 1.6379 while recording a high of 1.6327 and a low of 1.6249. On the one-hour chart, the momentum indicators here are also showing us that the pair is forming a sideways direction.
The yen appreciated versus the dollar as an official Chinese paper stated that China should increase their reserves in yen and euro as a way to diversify the bank reserves. The USD/JPY is being traded at 91.80 while recording a high of 92.18 and a low of 91.56, for the pair we see there is a support at 91.55 and a resistance at 91.90.