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Dollar strengthens on mixed sentiments and technical movements…

Publish Date26/12/2012 07:23:41 PM

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So far throughout the US session we watch the dollar strengthening against the pound and the euro mainly as a result of technical movements presently taking place within the currencies trading along with mixed sentiments as as President Barack Obama and Congress prepared to resume budget talks amid speculation Japan’s new government will act to spur the economy.

Having in mind that so far House Speaker John Boehner and the president have been unable to agree on tax-rate increases for top earners or cuts to entitlement programs, complicating the chances of getting a package done.

As a result the euro fell against the dollar and remains on plunging slightly to the downside on the four and one-hour charts as a result of the current technical movements and strengthened dollar sending in fact the EUR/USD pair to trade around $1.3219 while recording the highest level of $1.3253 and lowest level of $1.3170, knowing that the pair may start to rise as shown on the four-hour momentum indicators. The trading range for today is among the key support at  1.3000  and key resistance at  1.3360 .

As for the British Pound, it is also declining on correctional movements and pulled by a stronger Benjamin driving the GBP/USD pair to trade around $1.6113 while recording the highest level of $1.6170 and lowest of $1.6107 and is most probably going to stay at this low level as witnessed at several time scale within the stochastic oscialltor. The trading range for today is among key support at 1.5960   and key resistance at   1.6310.

Finally the USD/JPY pair is pulled to the downside around ¥85.61 while recording the highest level of ¥85.71 and lowest levels of ¥84.90 but is highly projected to show a strong drop to the downside according to the one-hour stochastic oscillator. The trading range for today is among key support at 84.15   and key resistance at   86.80.

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