Narrow ranges for majors in the Asian session

By IBTimes Staff Reporter | July 22 2010 2:54 AM

Majors moved in narrow ranges during the Asian session, where the dollar index recorded the lowest of 83.10 and the highest of 83.34. The index now trades around 83.11. The US will release today the weekly jobless claims in addition to the existing home sales and leading indicators. Meanwhile Germany and the EU will release the manufacturing and services PMI, while UK will release its retail sales.

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The euro traded today between the highest of 1.2786 and the lowest of 1.2737. Now it trades around 1.2784, between 1.2725 and 1.2820. The hourly momentum indicators show the pair is within an overbought area, while the four hours indicators show the pair is within an oversold area. But the daily indicators show that pair might continue to rebound from an overbought area. The pair may target the 1.2925 if it breaches the 1.2865, and may target the 1.2600 level if it breaches the 1.2680.

The pound traded today between the highest of 1.5200 and the lowest of 1.5162. Now it trades around 1.5195, between 1.5155 and 1.5220. The hourly momentum indicators show the pair is within an overbought area, while the four hours indicators show the pair is within an oversold area. But the daily indicators show that pair might continue to rebound from an overbought area. The pair may target the 1.5310 if it breaches the 1.5275, and may target the 1.5080 level if it breaches the 1.5125.

The dollar against the yen traded today between the highest of 86.96 and the lowest of 86.43. Now it trades around 86.53, between 85.95 and 86.95. The hourly and four hours momentum indicators show the pair is within an oversold area, but the daily indicators show the pair might rebound from an oversold area. The pair may target the 87.70 if it breaches the 87.05, and may target the 85.00 level if it breaches the 85.35.