U.S. Dollar Tests New Highs As Rally Continues
U.S. Dollar Index continues to move higher as traders react to the better-than-expected GDP Growth Rate report. The report indicated that GDP Growth Rate was 3.1% in the third quarter, compared to analyst forecast of 2.8%.
Currently, U.S. Dollar Index is trying to settle above the resistance at 108.30 – 108.50. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance level at 109.40 – 109.60.
EUR/USD Pulls Back As Traders Focus On Strong Dollar
EUR/USD pulled back as traders reacted to Gfk Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -23.1 in December to -21.3 in January, compared to analyst consensus of -22.5.
In case EUR/USD manages to settle below the 1.0370 level, it will head towards the next support level at 1.0330 – 1.0345.
GBP/USD Retreats After BoE Interest Rate Decision
GBP/USD retreats as traders react to BoE Interest Rate Decision. The BoE left the rate unchanged at 4.75%. However, three members voted for a cut, compared to analyst forecast of one, which was bearish for the pound.
If GBP/USD stays below the support at 1.2575 – 1.2590, it will move towards the next support level at 1.2475 – 1.2490.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/CAD Moves Lower Amid Profit-Taking
USD/CAD is losing ground as traders take some profits off the table after the strong rally.
A move below the support at 1.4330 – 1.4350 will push USD/CAD towards the 50 MA at 1.4238.
USD/JPY Rallies As BoJ Remains Dovish
USD/JPY tests new highs as traders focus on the BoJ Interest Rate Decision. The Bank of Japan left the interest rate unchanged at 0.25%. The Bank’s commentary was rather dovish, which was bearish for the Japanese yen.
From the technical point of view, USD/JPY climbed above the resistance at 156.00 – 156.50 and is moving towards the next resistance level, which is located in the 158.50 – 159.00 range.
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