U.S. Dollar Index gains ground as traders focus on the Initial Jobless Claims report. The report showed that 227,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 235,000.
A successful test of the nearest resistance level at 98.00 – 98.20 will push U.S. Dollar Index towards the next resistance, which is located in the 99.20 – 99.40 range.
EUR/USD tests new lows as pullback continues. Currently, EUR/USD is trying to settle below the support at 1.1675 – 1.1690.
In case this attempt is successful, EUR/USD will move towards the next support level at 1.1575 – 1.1590.
GBP/USD pulled back as traders focused on general strength of the U.S. dollar. However, GBP/USD did not manage to settle below the 1.3530 level and climbed back above the 1.3550 level.
If GBP/USD stays above 1.3550, it will move towards the resistance at 1.3620 – 1.3640. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.
USD/CAD is mostly flat despite the pullback in the oil markets. Other commodity-related currencies are moving higher in today’s trading session.
The nearest support level for USD/CAD is located in the 1.3650 – 1.3665 range. A move below the 1.3650 level will open the way to the test of the next support at 1.3550 – 1.3565.
USD/JPY is moving higher as Treasury yields rebound after yesterday’s pullback. The yield of 2-year Treasuries climbed above the 3.88% level, while the yield of 10-year Treasuries settled above 4.36%.
In case USD/JPY stays above the 146.00 level, it will head towards the resistance at 147.50 – 148.00.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.