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

U.S. Dollar

U.S. Dollar Index is mostly flat as traders wait for the release of FOMC Minutes, which will provide additional insights on Fed’s thinking.

In case U.S. Dollar Index stays above the 104.00 level, it will move towards the nearest resistance, which is located in the 104.35 – 104.55 range.

EUR/USD

EUR/USD continues its attempts to settle above the resistance at 1.0810 – 1.0830 as traders react to the Euro Area Consumer Confidence report, which indicated that Euro Area Consumer Confidence improved from -16.1 in January to -15.5 in February. The report was mostly in line with the analyst consensus of -15.6.

If EUR/USD climbs above the resistance at 1.0810 – 1.0830, it will move towards the next resistance level, which is located in the 1.0900 – 1.0920 range.

GBP/USD

GBP/USD remains stuck near the 1.2600 level amid a lack of strong catalysts. Traders stays focused on the changes in Fed policy outlook.

A move below the 1.2600 level will open the way to the test of the nearest support, which is located in the 1.2500 – 1.2520 range.

USD/CAD

USD/CAD pulled back as oil markets moved higher ahead of the EIA report. Other commodity-related currencies are swinging between gains and losses in today’s trading session.

The nearest support level for USD/CAD is located in the 1.3480 – 1.3500 range. A move below 1.3480 will push USD/CAD towards the support at 1.3380 – 1.3410.

USD/JPY

USD/JPY climbed back above the 150.00 level as Treasury yields moved higher. USD/JPY has recently made several attempts to settle below 150.00, but these attempts yielded no results. It looks that traders are not worried about potential interventions from the BoJ.

From the technical point of view, USD/JPY found strong support near 150.00 and is moving towards the resistance at 151.50 – 152.00.

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