Currency Pair Overview Market Reopens After Christmas Holidays

Overall, the currency market is open once again for trading after the Christmas holidays. The Asian session started relatively strong, however, this is probably a consequence of the fact that the market was closed so long, and now trade desks are realigning their balance books. The light calendar, together with another few days off around New Years Eve will probably dry up the market from any liquidity.

In the Asian session, the dollar found sellers easily even from the first minutes of trading, declining against every major currency.

The Euro (EUR/USD) gained 50 pips in the Asian session. The euro is leading the majors higher against the dollar it seems, the pair advanced a strong number of pips in the last few weeks, retracing nearly half of the trend that lasted from July to November. Against the pound, the euro is approaching parity.

The Pound (GBP/USD) advanced a few pips in the Asian session, posting gains for the first time in the last 8 days. The strong selling wave from the last period made the pound trade just a few pips above the low of the current year, in the 1.45 area.

The Aussie (AUD/USD) rose 50 pips in tonight's session, helped by the gains seen in the other major pairs. In the last months, the aussie traded in small ranges, and the last few days were no exception. Currently, the aussie is trading just under the resistance area that held the pair lately.

The Cad (USD/CAD) slipped 100 pips lower since the Sunday session opened. However, around this level, the pair has hit a strong support area, that held the cad the last few days. For the moment, the cad is trading both under the 20 and the 50-day moving averages.

The Swissy (USD/CHF) declined a strong number of pips in the Asian session. The pair fell around 120 pips, breaking under the low set in the previous sessions without any problems. Right now, the swissy has retraced nearly all the ground lost in the trend that lasted from July to November.

The Yen (Usd/Yen) traded side-ways in the Asian session, despite that S&P futures lost nearly 1% in the last few days. The yen's gains from the last few weeks made it approach the 20-day moving average, and trade just under the spike made in late October.