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

Key Insights

• EUR/USD made an attempt to settle above the 1.0800 level but lost momentum and pulled back. 
• GBP/USD moved lower as traders reacted to Industrial Production report. 
• USD/JPY pulls back as traders prepare for the release of Fed Interest Rate Decision. 

U.S. Dollar

U.S. Dollar Index is mostly flat as traders wait for Fed decision. Today, traders also focused on Producer Prices report, which showed that PPI and Core PPI were unchanged in November.

From the technical point of view, U.S. Dollar Index found strong support in the 103.50 – 103.75 range.

EUR/USD

EUR/USD is losing some ground as traders react to the Euro Area Industrial Production report, which indicated that Industrial Production declined by 0.7% month-over-month in October.

If EUR/USD settles below the 1.0765 level, it will head towards the support at 1.0660 – 1.0680.

GBP/USD

GBP/USD is moving lower as traders react to the Industrial Production report, which showed that Industrial Production decreased by 0.8% month-over-month in October.

GBP/USD needs to settle below the 1.2500 level to gain additional downside momentum and move towards the support at 1.2370 – 1.2410.

USD/CAD

USD/CAD is moving lower as oil markets try to rebound from recent lows.

The technical picture remains unchanged as USD/CAD settled near the resistance at 1.3570 – 1.3600.

USD/JPY

USD/JPY is losing ground ahead of Fed decision. USD/JPY may be extremely sensitive to any changes in Fed policy outlook, so traders should be prepared for fast moves.

In case USD/JPY declines below the 144.65 level, it will head towards the support at 141.00 – 141.50.

For a look at all of today’s economic events, check out our economic calendar.