U.S. Dollar Index Tests Resistance At 101.50 – 101.65
U.S. Dollar Index gains some ground as traders focus on the Initial Jobless Claims report. The report indicated that 189,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 196,000.
Traders also reacted to the huge sell-off in U.S. equity markets. Demand for safe-haven assets increased, which was bullish for the American currency.
Currently, U.S. Dollar Index is trying to settle above the resistance at 101.50 – 101.65. In case this attempt is successful, U.S. Dollar Index will head towards the 50 MA at 101.87. A move above the 50 MA will open the way to the test of the next resistance at 102.35 – 102.50.
EUR/USD Is Flat As Traders React To Germany’s Factory Orders Data
EUR/USD is mostly flat as traders react to the weaker-than-expected Factory Orders report from Germany. The report showed that Factory Orders increased by +4.4% month-over-month in September, compared to analyst forecast of 4.8%.
The nearest resistance level for EUR/USD is located in the 1.1250 – 1.1265 range. A successful test of the resistance at 1.1250 – 1.1265 will open the way to the test of the next resistance at 1.1350 – 1.1365.
GBP/USD Stays Below 1.3500 After BoE Decision
GBP/USD remains stuck below the resistance at 1.3485 – 1.3500 as traders react to BoE Interest Rate Decision. The Bank of England raised the interest rate from 3.75% to 4%, in line with analyst estimates.
All nine BoE members voted for a hike. Analysts expected that seven members will vote for a hike, so the vote was more hawkish than estimated. Interestingly, hawkish BoE did not provide material support to the British pound.
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 forecastsFrom the technical point of view, GBP/USD continues its attempts to settle above the resistance level at 1.3485 – 1.3500. In case GBP/USD manages to settle above the 1.3500 level, it will head towards the next resistance, which is located in the 1.3560 – 1.3575 range. RSI has recently pulled back into moderate territory, so there is plenty of room to gain momentum.
USD/CAD Gains Ground As Demand For Commodity-Related Currencies Falls
USD/CAD is moving higher despite rising precious metals markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.
Currently, USD/CAD is trying to settle above the resistance level at 1.3985 – 1.4000. In case USD/CAD manages to settle above 1.4000, it will head towards the next resistance, which is located in the 1.4070 – 1.4085 range.
USD/JPY Moves Lower As Treasury Yields Fall
USD/JPY is losing ground as traders focus on the pullback in Treasury yields. The yield of 2-year Treasuries declined towards the 4.51% level, while the yield of 10-year Treasuries settled below 4.85%. Treasury yields are moving lower as traders rush to buy safe-haven bonds amid sell-off in U.S. equity markets.
USD/JPY failed to settle above the resistance level at 158.00 – 158.50 and is trying to settle below the 50 MA at 157.87. If USD/JPY manages to settle below the 50 MA, it will head towards the 157.00 level. A move below 157.00 will open the way to the test of the 156.00 level.
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