EUR/USD, GBP/JPY, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat Ahead Of FOMC Minutes

Key Insights

• EUR/USD pulled back towards 1.0925 amid profit-taking. 
• GBP/USD settled above the 1.2500 level and made an attempt to settle above 1.2550.
• USD/JPY declined below the 148.00 level. 

U.S. Dollar

U.S. Dollar Index is mostly flat as traders react to the Existing Home Sales report, which showed that Existing Home Sales declined by 4.1% month-over-month in October.

If U.S. Dollar Index stays below the 103.50 level, it will head towards the next support, which is located in the 101.75 – 102.00 range.

EUR/USD

EUR/USD faced resistance near 1.0950 and pulled back as traders decided to take some profits off the table after the recent rally.

In case EUR/USD manages to settle above the resistance at 1.0925 – 1.0950, it will move towards the next resistance, which is located in the 1.1070 – 1.1100 range.

GBP/USD

GBP/USD continues to move higher as traders prepare for rate cuts from the Fed in the first half of 2024. Interestingly, the problems of the UK economy have not put any pressure on the British pound in November.

In case GBP/USD climbs above the 1.2550 level, it will head towards the resistance at 1.2650 – 1.2685.

USD/CAD

USD/CAD continues its attempts to settle below the support at 1.3675 – 1.3700 despite the pullback in the oil markets.

In case this attempt is successful, USD/CAD will head towards the next support level at 1.3570 – 1.3600.

USD/JPY

USD/JPY remains under pressure as the pullback continues. Traders stay focused on the general weakness of the U.S. dollar.

If USD/JPY stays below the 148.00 level, it will move towards the support at 144.65 – 145.00.

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