Today, movements in markets are in narrow range due to the absence of data from major economies. Earlier today, higher-yielding currencies advanced after yesterday's announcement by the French President Sarkozy that the EU is ready to help Greece if needed, but they lost their earlier progress where they are coming close to the opening prices.
Relative to the euro-dollar pair, it pared some of its earlier advance when it reached a high of 1.3704 despite the upbeat announcement by Sarkozy and the incline in German industrial production in January. Meanwhile, the pair is traded at 1.3645, hitting a low of 1.3623, whereas support is seen at 1.3625 while resistance is at 1.3720.
With regard to the dollar-yen pair, it is showing a slight decline on the daily, but with upside pressure from the 4-hour and 1-hour charts. The pair stopped its 2-day rally when it hit resistance at 90.38 which represents 38.2 Fibonacci retarcement to the upside trend that started in December. Now, the pair is traded at 90.37 after reaching a high of 90.67 and a low of 90.13, where the coming support is seen at 89.80 and next resistance is at 90.65.
As for the sterling-dollar pair, it is also showing slight decline on the daily and 4-hour charts. Still, the pair is unable to rebound from the downside trend that started since mid November, yet it is currently traded far above psychological level of 1.50 at 1.5117, recording a high of 1.5194 and a low of 1.5110, while it is moving between support at 1.5065 and resistance at 1.5190.