U.S. Dollar Tests New Highs
U.S. Dollar Index gains ground as traders focus on ISM Manufacturing PMI report. The report indicated that ISM Manufacturing PMI decreased from 49.1 in September to 48.7 in October, compared to analyst forecast of 49.5. Numbers below 50 show contraction.
The nearest resistance level for U.S. Dollar Index is located in the 100.00 – 100.15 range. In case U.S. Dollar Index manages to settle above the 100.15 level, it will head towards the next resistance at 101.85 – 102.00.
EUR/USD Remains Under Pressure
EUR/USD is currently trying to settle below the nearest support level at 1.1515 – 1.1530. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.
A move below the 1.1515 level will push EUR/USD towards the next support at 1.1400 – 1.1415.
GBP/USD Continues Its Attempts To Settle Below The Support At 1.3145 – 1.3160
GBP/USD is stuck near multi-month lows as traders wait for details on UK budget, which will include tax increases. According to recent reports, Chancellor of the Exchequer Rachel Reeves may consider an exit charge for wealthy people leaving the country.
If GBP/USD settles below the 1.3145 level, it will head towards the support at 1.3015 – 1.3030.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/CAD Is Heading Towards The Resistance At 1.4080 – 1.4095
USD/CAD is moving higher as traders react to Manufacturing PMI report from Canada. The report showed that Manufacturing PMI increased from 47.7 in September to 49.6 in October, compared to analyst forecast of 48.2.
A successful test of the resistance at 1.4080 – 1.4095 will open the way to the test of the next resistance level at 1.4150 – 1.4165.
USD/JPY Remains Stuck Below 154.50
USD/JPY settled below key resistance at 154.50 – 155.00 as traders waited for additional catalysts.
A move above the 155.00 level will open the way to the test of the next resistance level at 158.00 – 158.50.
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