U.S. Dollar Stays Close To Yearly Highs
U.S. Dollar Index gains some ground as traders focus on the Initial Jobless Claims report. The report indicated that 197,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 200,000. The previous report was revised from 197,000 to 199,000. The report indicated that the job market remained in decent shape.
U.S. Dollar Index continues its attempts to settle above the resistance level at 102.35 – 102.50. In case U.S. Dollar Index manages to settle above the 102.50 level, it will head towards the next resistance, which is located in the 103.15 – 103.30 range.
EUR/USD Remains Under Pressure
EUR/USD moved lower as traders reacted to Germany’s Exports report. The report showed that Germany’s Exports decreased by -0.8% month-over-month in August, compared to analyst forecast of +0.8%.
EUR/USD remains stuck near the support level at 1.1175 – 1.1190. If EUR/USD declines below the 1.1175 level, it will move towards the next support level, which is located in the 1.1075 – 1.1090 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.
GBP/USD Attempts To Settle Below 1.3200
GBP/USD pulled back from session highs as traders focused on the strong rally in the oil markets. Oil prices gained 4% amid worries about escalation in the Middle East. I’d note that FedWatch Tool shows that the probability of a rate hike at the Fed meeting in October stays below 20% despite rising oil prices.
If GBP/USD manages to settle above the 50 MA at 1.3231, it will head towards the nearest resistance level at 1.3285 – 1.3300. On the support side, a move below the 1.3200 level will push GBP/USD towards the support at 1.3150 – 1.3165. In case GBP/USD declines below 1.3150, it will move towards the next support at 1.3030 – 1.3045.
EUR/USD Price Forecast
Every new EUR/USD analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all EUR/USD forecastsUSD/CAD Is Stuck Near The 1.4250 Level
USD/CAD is swinging between gains and losses near the resistance level at 1.4235 – 1.4250. Other commodity-related currencies are losing some ground in today’s trading session.
If USD/CAD stays above the 1.4250 level, it will head towards the next resistance, which is located in the 1.4350 – 1.4365 range. On the support side, USD/CAD needs to settle below the 50 MA at 1.4229 to have a chance to gain downside momentum in the near term. In this case, USD/CAD will head towards the support level at 1.4135 – 1.4150.
USD/JPY Tests Key Resistance Level
USD/JPY continues its attempts to settle above the resistance level at 158.00 – 158.50. The yield of 2-year Treasuries climbed towards the 4.80% level, providing some support to USD/JPY. Longer-term yields moved lower as bond traders have started to buy the dip.
A successful test of the resistance at 158.00 – 158.50 will push USD/JPY towards the next resistance at 160.00 – 160.50. The key question is whether BoJ is ready to intervene in case USD/JPY tests the psychologically important 160.00 level.
On the support side, a move below the 50 MA at 157.80 will push USD/JPY towards the 157.00 level. If USD/JPY manages to settle below 157.00, it will head towards the support level at 155.00 – 155.50.
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