Despite a lack of fundamentals being released from the world's leading economy today pessimism continues on being largely spread as the global recovery lost pace and the superpower revival stagnated considerably this past period due to the unending deterioration of the labor market, however the major pairs are now consolidating due to strong technical movements.
Accordingly, the dollar index, which tracks the strength of the green Benjamin in front of basket of currencies, is narrow trading so far throughout the currencies market to trade around 83.17 recording a high of 83.26 and a low of 82.84.
As a result, the euro-dollar is consolidating due to the current technical movements taking place within the trading to have the Union currency trade at 1.2670 recording a high of 1.2729 and a low of 1.2645 with a resistance at 1.2820 and a support at 1.2520, knowing that the pair may plummet according to the four-hour stochastic oscillator.
As for the pound-dollar pair, it is narrow trading as well as the euro-dollar pair and may actually start to climb to the upside according to the four-hour momentum indicators, having the royal pound trading so far around 1.5534 recording a high of 1.5617 and a low of 1.5498 with a resistance seen at 1.5740 and a support level detected at 1.5360.
Now, turning to the dollar-yen pair, the pair is currently consolidating due to technical movements detected, having the low-yielding Japanese currency trading around 85.28 recording a high of 85.71 and a low of 85.07 with a resistance at 87.35 and a support at 83.00, knowing that the yen advanced to a 7-week high against the Euro within the prior EU session due to the weakened global economic outlook.