There is still optimism in the markets from yesterday's U.S. data as the GDP for the third quarter surpassed market expectations and this gave hints that the worst of this global recession is over. The markets today are calm as there are mild movements taking place while later from the U.S. economy they are going to release their Chicago PMI in which expectations show is coming closer to expansion.
The euro dollar pair is trading in narrow ranges despite the euro zone releasing its unemployment rates showing that it rose to 9.7% from the prior 9.6%, as the data was released, it did not affect the euro since it matched market forecasts. The pair is currently trading between the support of 1.4842 and the resistance of 1.4860 at 1.4843. The volumes indicator on the one-hour chart is showing us there is low volume in the markets while also the momentum indicator is providing us with an upwards wave.
The pound like the euro is forming a sideways wave due to the lack of economic data from the economic data as the pair is being traded at 1.6530 while recording a high of 1.6578 and a low of 1.6507. For the GBP/USD we see a support at 1.6484 and a resistance at 1.6633. The momentum indicators on the one-hour charts are supporting our point of view that the pair is consolidating.
Looking at the yen, we see that it is climbing versus the dollar as a result of anticipations that Japanese exports are buying the yen which therefore supported the rise. The USD/JPY is being traded at 90.93 between the support of 90.65 and the resistance 91.04 while recording a high of 91.55 and a low of 90.83.