Overall trading remains weak ahead of the holidays...

By IBTimes Staff Reporter | December 24 2009 12:40 PM

So far, overall trading and movements are volatile and calm ahead of the Christmas holidays as traders are already closing their positions, while the Federal currency gained slight momentum throughout the currencies market as the world's superpower showed further signs of enhancement today.

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In fact, the Initial Jobless Claims for December 19 plummeted cheerfully to 452 thousand and the Continuing Claims for December 12 plunged to 5076 thousand, demonstrating slight signs of improvement within the continuous deteriorated labor market, whereas last month Durable Goods Order rose to 0.2% and the Durable Ex Transportation climbed up to 2.0%.

Accordingly, the euro-dollar pair is plummeting, having the Union currency trading at 1.4357 recording a high of 1.4417 and a low of 1.4321 with a resistance at 1.4386 and a support at 1.4329, knowing that the pair may plunge further according to the four-hour stochastic oscillator.

However, the pound-dollar pair is narrow trading on technical movements so far as mixed signs are shown throughout various hour-charts momentum indicators, having the royal pound trading so far around 1.5936 recording a high of 1.6020 and a low of 1.5925 with a resistance level at 1.6066 and a support at 1.5831.

As for the dollar-yen pair, it is consolidating between a resistance level witnessed around 92.21 and a support level detected around 90.79, having the low-yielding Japanese yen so far trading at 91.63 recording a high of 91.77 and a low of 91.11, knowing that the dollar traded today around a eight-week high against the yen.