Concerns about recovery still corroding investor's risk appetite, encouraging traders to turn to the low yielding currencies; the dollar and the yen. The euro and the pound declined against the green currency in today's Asian session, while the yen gained.
The euro dollar pair declined recording a low of 1.4632 and a high of 1.4658, having the 16 nation's currency trading around 1.4640. The pair is having a support at 1.4600 along with a resistance at 1.4690, and if the pair breached the support, it may fall back to the 1.4565 levelsfrom where it may decline back to the 1.4510 levels. The euro zone's zew survey will be released today that will affect the pair's trades. However, the pair is trading in an oversold area according to the daily momentum indicators.
Regarding the pound dollar pair, it fell recording a low of 1.6275 along with a high of 1.6312, having the pair trading around 1.6285. The pair is having a support at 1.6215 along with a resistance at 1.6335, and the pair is anticipated to offset today's decline and climb to breach the resistance and target 1.6400, according to the four hour stochastic oscillator. However, the British CPI is on queue today and it will move the pair on release.
Finally, the dollar yen pair inclined slightly recording a high of 88.99 along with a low of 88.60, and the pair is currently trading around 88.90. Today's resistance could be found at 89.30, while the support could be found at 89.50. The for hour momentum indicators are supporting the upside, so we may see the pair jumping to break the resistance and target 89.90.Yet, the U.S producer prices index will be released today that may affect the market.