U.S. Dollar Tests New Highs
U.S. Dollar Index gains ground as traders focus on Trump’s speech at UN General Assembly. President Trump said that he could make a deal with Iran but would destroy the country in case Iran refused to make a deal.
Brent oil rebounded towards the $100.00 level as oil traders reacted to Trump’s words. The rebound in the oil market raised demand for safe-haven assets, providing support to the American currency.
Hawkish comments from Fed’s Collins provided additional support to U.S. dollar. She noted that she supported the rate hike and warned about inflation risks.
Currently, U.S. Dollar Index is trying to settle above the resistance level at 100.50 – 100.65. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance level, which is located in the 101.50 – 102.00 range.
EUR/USD Tests Support At 1.1420 – 1.1435
EUR/USD tested new lows as traders focused on the Euro Area Consumer Confidence report. The report showed that Euro Area Consumer Confidence decreased from -15.5 in August to -16.5 in September, compared to analyst forecast of -16.
EUR/USD attempts to settle below the support at 1.1420 – 1.1435. If U.S. Dollar Index manages to settle below the 1.1420 level, it will head towards the next support level, which is located in the 1.1335 – 1.1350 range.
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 forecastsGBP/USD Remains Under Pressure
GBP/USD is under pressure as traders stay bearish amid geopolitical tensions and inflation worries. There are no important economic reports scheduled to be released in the UK today, so traders will stay focused on general market sentiment.
The nearest support level for GBP/USD is located in the 1.3285 – 1.3300 range. If GBP/USD declines below the 1.3285 level, it will head towards the next support at 1.3150 – 1.3165. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
USD/CAD Tests Resistance At 1.4065 – 1.4080
USD/CAD continues to move higher amid lack of positive catalysts for the Canadian dollar. Other commodity-related currencies are mixed in today’s trading session.
From the technical point of view, USD/CAD attempts to settle above the resistance level at 1.4065 – 1.4080. If USD/CAD manages to settle above the 1.4080 level, it will move towards the next resistance, which is located in the 1.4135 – 1.4150 range.
USD/JPY Moves Higher As Treasury Yields Rise
USD/JPY gains some ground as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed back above the 4.75% level, while the yield of 10-year Treasuries settled near 4.97%. I’d note that the yield of 30-year Treasuries moved above the important 5.30% level, so Bessent’s buybacks have so far failed to push yields lower.
The nearest resistance level for USD/JPY is located in the 158.00 – 158.50 range. A successful test of this level will open the way to the test of the next resistance at 160.00 – 160.50. The key question is whether BoJ is ready to intervene in case USD/JPY climbs above the psychologically important 160.00 level.
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