The yen continued to weaken

By IBTimes Staff Reporter | April 19 2010 11:22 PM

Consolidation dominated the currencies market in today's Asian session, after the euro and the pound gained slightly against the dollar in yesterday's trades, while the yen dropped. The USDIX that tracks the dollar moves against a basket of major currencies rose slightly to record a high of 81.03 and a low of 80.88, while it is currently trading around 80.98.

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The euro dollar pair is fluctuating between the 1.3510 levels and the 1.3455 levels recording a high of 1.3501 and a low of 1.3465, having the union currency trading around 1.3475. The pair is in an attempt to breach the resistance level of 1.3500 from where it may jump to the 1.3590 levels, and the stochastic oscillator on the four hour charts is supporting the upside. Today's trading range might be between 1.3335 levels and 1.3520 levels, and the euro zone's current account will be released today that may move the pair.

Regarding the pound dollar pair, it is consolidating between a high of 1.5341 and a low of 1.5314, having the royal currency trading around 1.5318. The pair is having a resistance at 1.5330 along with a support at 1.5125, and the daily momentum indicators are supporting the downside. The British CPI is on queue today that may move the pair on release.

Finally, the dollar continued to strengthen against the Japanese yen recording a high of 92.69 and a low of 92.46, having the pair currently trading around 92.56. Today's resistance could be found at 92.80, while the support could be found at 90.90, and if the pair breached the resistance, the next target will be 93.35. However, the pair is anticipated top show further gains according to momentum indicators on the four hours scale.