Fluctuation movements in the currency market |
The currency market is witnessing fluctuation movements during the Asian session without in the U.S., especially with the approach of the Republican Party takeover of a majority of Congress. In addition, investors are expected the U.S. Federal Reserve meeting, which will put the new assistance plan for the U.S. economy.
The euro slightly delcine against the dollar during the Asian session trading around the level 1.4000, recording a high of 1.4045 and a low of 1.4007, and now it faces a resistance at 1.4000. The daily momentum indicators show a possible rise yet the four hours momentum indicators show the pair in an overbought area.
The British pound rose in a narrow range against the dollar, recording a high of 1.6044 and a low of 1.6022, and now it trades around 1.6037 where the pair faces a resistance at 1.6100. The daily and four hours momentum indicators show the pair in an overbought area which may favor a downside movement.
The yen/dollar pair is trading in a narrow range, recording a high of 80.67 and a low of 80.60, and now it trades around 80.61 where the pair will face a support at 80.40. Daily and four hours momentum indicators show the pair in an oversold area which favors an upside movement.
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