Calmness in Currency Market

The Japanese yen and U.S. dollar plunged versus other major currencies in narrow-range trading day, amid holidays ahead of the year-end. Meanwhile, there are hopes of recovery from major economies after the strong data released recently. Japanese industrial production rose in November and China raised its economic growth projections today. The dollar index, a gauge of the dollar's movements versus a basket of major currencies, slipped for the third day to 77.65 from the day's opening at 77.76.

The euro-dollar pair inclined for the third day after falling from a high of 1.5140 on December the 3rd. On the 4-hour and 1-hour charts, the pair is moving sideways in a day that lacks economic fundamentals from the euro zone. Currently, the pair is traded at 1.4393 recording a high of 1.4400 and a low of 1.4352, whereas the coming support is at 1.4352 and resistance at 1.4424.

The sterling-dollar pair is moving sideways on the daily and 4-hour charts, as it faces strong resistance at 1.5980, which represents 76.4% Fibonacci retarcement to the upside trend that started on October 13; where it is currently traded at 1.5975, after setting a high of 1.5993 and a low of 1.5930; while the coming support for the pair is seen at 1.5930 and the resistance is spotted at 1.6020.

The dollar-yen pair is also consolidating on the daily and 4-hour charts, despite the upbeat Japanese industrial production report. Presently, the pair is trading around 91.50 after hitting a high of 91.75 and a low of 91.39; while the pair is currently facing the coming support level at 91.34, while the resistance is spotted at 91.70.

Ecpulse

disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk