Key Insights
- EUR/USD moves higher as the final reading of Germany’s inflation reports meets expectations.
- USD/CAD is volatile as traders react to Canada’s job market data.
- USD/JPY settled below the key resistance at 149.50 – 150.00.
U.S. Dollar
U.S. Dollar Index is mostly flat as traders react to the final reading of inflation reports for December. November reading was adjusted from 0.1% to 0.2%, while December CPI was revised from 0.3% to 0.2%.
U.S. Dollar Index remains stuck below the resistance at 104.35 – 104.55. A move above 104.55 will push U.S. Dollar Index towards the next resistance at 105.75 – 106.00.
EUR/USD
EUR/USD is moving higher as traders focus on the final reading of Germany’s inflation reports for January. Inflation Rate declined from 3.7% to 2.9%, in line with analyst estimates.
If EUR/USD climbs above the 50 MA at 1.0792, it will move towards the resistance level at 1.0810 – 1.0830.
GBP/USD
GBP/USD remains stuck below the resistance at 1.2650 – 1.2685 as traders wait for catalysts after the strong rebound from the support at 1.2520.
In case GBP/USD fails to settle above the 1.2650 level, it will pull back towards 1.2600. A move below 1.2600 will push GBP/USD towards the support at 1.2500 – 1.2520.
US Dollar Index Price Forecast
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See all US Dollar Index forecastsUSD/CAD
USD/CAD is swinging between gains and losses as traders react to job market data from Canada. Unemployment Rate declined from 5.8% in December to 5.7% in January, compared to analyst consensus of 5.9%.
The nearest resistance level for USD/CAD is located in the 1.3480 – 1.3500 range. A move above 1.3500 will push USD/CAD towards the next resistance at 1.3600 – 1.3620.
USD/JPY
USD/JPY settled below 149.50 as bulls worried about potential interventions from the BoJ.
USD/JPY stays below the key resistance at 149.50 – 150.00. A move above 150.00 will push USD/JPY towards the next resistance at 151.50 – 152.00.
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