U.S. Dollar Tests New Highs As Non Farm Payrolls Beat Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Higher As Traders Focus On The NFP Report

U.S. Dollar Index gains ground as traders react to the Non Farm Payrolls report for September. The report indicated that the economy added 119,000 jobs, compared to analyst forecast of 50,000. The stronger-than-expected report provided material support to the American currency.

In case U.S. Dollar Index stays above the resistance at 100.00 – 100.15, it will move towards the next resistance level at 101.00 – 101.15.

EUR/USD Rebounds From Session Lows

EUR/USD is mostly flat as traders react to Producer Prices data from Germany. The report showed that PPI declined by -1.8% year-over-year in October, compared to analyst forecast of -1.9%.

In case EUR/USD declines below the 1.1500 level, it will move towards the nearest support at 1.1470 – 1.1485.

GBP/USD Tested The 1.3100 Level

GBP/USD moved away from recent lows and made an attempt to settle above the 1.3100 level.

If GBP/USD manages to settle back above 1.3100, it will head towards the nearest resistance at 1.3145 – 1.3160.

USD/CAD Tests Resistance At 1.4080 – 1.4095

USD/CAD is moving higher as traders focus on the pullback in precious metals markets.

Currently, USD/CAD is trying to settle above the resistance at 1.4080 – 1.4095. In case this attempt is successful, USD/CAD will head towards the next resistance level, which is located in the 1.4150 – 1.4165 range.

USD/JPY Keeps Moving Higher As Traders Bet On Dovish BoJ

USD/JPY tests new highs as traders stay focused on dovish BoJ. The Japanese yen has been under strong pressure since ruling party elections in Japan, and it looks that BoJ may lose control of the situation.

A move above the resistance level at 158.00 – 158.50 will open the way to the test of the psychologically important 160.00 level.

For a look at all of today’s economic events, check out our economic calendar.