The euro and the pound still taking a correctional move to the upside after they dropped last week when the Feds decided to raise the discount rate to 0.75% boosting demand for the green currency. The USDIX that tracks the dollar's strength against a basket of major currencies fell in the Asian session recording a low of 80.39 and a high of 80.58, while it is currently trading around 80.40.
The euro dollar pair rose slightly recording a high of 1.3626 and a low of 1.3589, having the 16 nation's currency trading around 1.3625. The pair is targeting the 1.3700 levels, and its is expected that the pair will show further gains according to the stochastic oscillator on the daily and four hour charts. However, today's trading range may be between 1.3700 levels and 1.3485 levels.
As for the pound dollar pair, it inclined in the Asian session for the second straight day recording a high of 1.5537 and a low of 1.5483, having the royal currency trading around 1.5540. The pair is currently trading near the strong resistance of 1.5550, but if it breached this level, the pair will target the 1.4640 levels. Moreover, momentum indicators on the daily charts are supporting the upside.
Finally, the American dollar continued to weaken against the Japanese yen, and the pair recorded a low of 90.92 and a high of 91.28, it is currently trading around 91.10. Today's support could be found at 90.65, while the resistance could be found at 92.15, and more declines are expected according to momentum indicators on the daily scale. The U.S consumer confidence is on queue today and it tends to move the market on release.