Major currencies started this week trading in narrow ranges against the greenback, where the dollar index traded during the Asian session between the lowest of 80.18 and the highest of 80.38. Now it trades around the 80.20 level. The U.S. economy will release today its monthly budget expected to show a narrower deficit, which could affect the dollar's movement during today.

The euro traded in narrow range during the Asian session between the lowest of 1.3621 and the highest of 13663. The pair now trades around the 1.3659 level. The hourly momentum indicators show that the pair rebounded from an overbought area, as for the 4 hours momentum indicators it shows the possibility of a negative cross over in an overbought area. The daily momentum indicators show that the pair might rebound from an oversold area. The pair is expected to trade today around the 1.3720 level which if breached the pair might target the 1.3800, yet if the pair breaches the 1.3600 level the pair might target the 1.3565 level.

The sterling also traded in a narrow range during the Asian session today, recording the lowest at 1.5404 and the highest at 1.5467. The pair trades now around the 1.5464, and between 1.5400 and 1.5475. The one hour and four hours momentum indicators show the pair trades within an overbought area. The pair is expected to trade today around the 1.5525 level which if breached the pair might target the 1.5555, yet if the pair breaches the 1.5380 level the pair might target the 1.5300 level.

The Japanese yen traded during the Asian session between the lowest at 93.03 and the highest at 93.30. The pair now trades around the 93.10 level, and between the 92.90 and the 94.00 level. The one hour momentum indicators show the pair rebounded from an overbought area, however the four hours indicators show there is a possibility of a positive crossover in an oversold area. The daily momentum indicators show the pair trades within an oversold area. The pair is expected to trade today around the 94.80 level which if breached the pair might target the 95.30, yet if the pair breaches the 92.30 level the pair might target the 91.85 level.