U.S. Dollar Tests Weekly Highs
U.S. Dollar Index gains ground as traders stay focused on recent Fed decision and Powell’s comments. Treasury yields moved higher, providing additional support to the American currency.
In case U.S. Dollar Index manages to settle above the 99.50 level, it will move towards the next resistance at 100.00 – 100.15.
EUR/USD Retreats As ECB Keeps Rates Unchanged
EUR/USD pulled back as traders reacted to ECB Interest Rate Decision. The ECB left the interest rate unchanged at 2.15%, in line with analyst estimates.
EUR/USD declined below the support at 1.1585 – 1.1600 and made an attempt to settle below the 1.1550 level. If EUR/USD settles below 1.1550, it will get to the test of the next support, which is located in the 1.1515 – 1.1530 range.
GBP/USD Tests New Lows
GBP/USD tests new lows as pullback continues. UK budget problems put significant pressure on the British pound.
A successful test of the support at 1.3145 – 1.3160 will open the way to the test of the next support level at 1.3015 – 1.3030.
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See all EUR/USD forecastsUSD/CAD Gains Ground Amid Falling Demand For Commodity-Related Currencies
USD/CAD rebounded as demand for commodity-related currencies declined despite the rally in precious metals markets.
Currently, USD/CAD is trying to settle above the resistance at 1.4000 – 1.4015. In case this attempt is successful, USD/CAD will move towards the next resistance at 1.4080 – 1.4095. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.
USD/JPY Rallies After BoJ Decision
USD/JPY gained ground as traders focused on BoJ Interest Rate Decision. The Bank of Japan left the rate unchanged at 0.5%, in line with analyst estimates. The BoJ is expected to stay dovish, which is bearish for Japanese yen.
If USD/JPY manages to settle above the resistance at 154.50 – 155.00, it will move towards the next resistance at 158.00 – 158.50.
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