U.S. Dollar Tests New Lows
U.S. Dollar Index is losing ground as traders react to the Initial Jobless Claims report. The report indicated that 236,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 220,000.
Currently, U.S. Dollar Index is trying to settle below the support at 98.00 – 98.15. In case this attempt is successful, U.S. Dollar Index will move towards the next support level, which is located in the 97.35 – 97.50 range.
EUR/USD Tests Resistance At 1.1715 – 1.1730
EUR/USD tests new highs as traders focus on recent Fed decision and react to the weaker-than-expected job market data from the U.S.
In case EUR/USD stays above the resistance level at 1.1715 – 1.1730, it will move towards the next resistance level, which is located in the 1.1805 – 1.1820 range.
GBP/USD Gains Ground As Traders React To The Initial Jobless Claims Report
GBP/USD gains ground as traders focus on general weakness of the American currency. Traders bet that Fed will be forced to continue the rate cut cycle due to the weakness of U.S. labor market.
GBP/USD climbed above the resistance at 1.3360 – 1.3375 and is trying to settle above the 1.3430 level. In case this attempt is successful, GBP/USD will move towards the next resistance level at 1.3475 – 1.3490. It should be noted that RSI has recently moved into oversold territory, so the risks of a pullback are increasing.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/CAD Retreats As Silver Tests Historic Highs
USD/CAD is losing ground as traders focus on the rally in precious metals markets. The sell-off in the oil markets did not put pressure on the Canadian dollar.
From the technical point of view, USD/CAD is moving towards the nearest support level, which is located in the 1.3720 – 1.3735 range.
USD/JPY Tests The 155.00 Level
USD/JPY is moving lower as traders focus on the pullback in Treasury yields. The yield of 2-year Treasuries declined towards the 3.50% level, while the yield of 10-year Treasuries pulled back towards 4.10%.
A successful test of the support at 154.50 – 155.00 will open the way to the test of the next support level at 151.00 – 151.50.
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