Pairs consolidate after a strong dollar

Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional after the dollar rose to the highest level in seven weeks against major peers amid optimism the U.S. recovery is gathering pace as the Federal Reserve convenes to debate the pace of raising interest rates.

Otherwise today country’s consumer confidence, which is released on a monthly basis, assessing consumer sentiment regarding business conditions, employment and personal income rose to the highest level since October 2007.

Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3410 while recording the highest level of $1.3444 and lowest level of $1.3404, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.

As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6944 while recording the highest level of $1.6995 and lowest of $1.6933 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.

Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥102.11 while recording the highest level of ¥102.16 and lowest levels of ¥101.83.