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

By:
Vladimir Zernov
Published: Feb 23, 2024, 16:06 UTC

Key Points:

  • EUR/USD is mostly flat as traders react to the Ifo Business Climate report from Germany.
  • USD/CAD is moving higher as oil markets pull back.
  • USD/JPY settled near the 150.50 level as traders waited for catalysts.
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

In this article:

U.S. Dollar

DXY
DXY 230224 4h Chart

U.S. Dollar Index is mostly flat amid a lack of catalysts. There are no important economic reports scheduled to be released today, so traders will stay focused on general market sentiment.

From the technical point of view, U.S. Dollar Index remains stuck near the 104 level after an unsuccessful attempt to settle below the nearest support at 103.50 – 103.75.

EUR/USD

EUR/USD
EUR/USD 230224 4h Chart

EUR/USD remains stuck near the support at 1.0810 – 1.0830 as traders react to the Ifo Business Climate report from Germany. The report indicated that Ifo Business Climate improved from 85.2 in January to 85.5 in February, in line with the analyst consensus.

EUR/USD needs to settle above 1.0850 to gain additional momentum. A move above the 1.0850 level will open the way to the test of the resistance at 1.0900 – 1.0920.

GBP/USD

GBP/USD
GBP/USD 230224 4h Chart

GBP/USD gains some ground as traders focus on the pullback in Treasury yields. The yield of 2-year Treasuries settled near 4.70%, while the yield of 10-year Treasuries declined below the 4.30% level.

USD/CAD

USD/CAD
USD/CAD 230224 4h Chart

USD/CAD is trying to climb back above the 1.3500 level as oil markets pull back ahead of the weekend.

A move above the 50 MA near the 1.3500 level will push USD/CAD towards the 1.3550 level.

USD/JPY

USD/JPY
USD/JPY 230224 4h Chart

USD/JPY settled near the 150.50 level despite the pullback in Treasury yields. There are no signs of interventions from the BoJ, and it looks that Japan’s central bank will wait for the test of the resistance at 151.50 – 152.00 before making any moves on the forex market.

The technical picture remains bullish. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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