U.S. Dollar Tests New Highs As Traders Wait For FOMC Minutes: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tests Resistance At 100.00 – 100.15

U.S. Dollar Index gains ground as traders prepare for FOMC Minutes, which will be released soon.

Currently, U.S. Dollar Index is trying to settle above the resistance at 100.00 – 100.15. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance level, which is located in the 101.00 – 101.15 range.

EUR/USD Remains Under Pressure

EUR/USD tests new lows as traders focus on the strength of the American currency.

EUR/USD settled below the previous support at 1.1585 – 1.1600 and is trying to settle below the 1.1550 level. If EUR/USD manages to settle below 1.1550, it will head towards the next support at 1.1470 – 1.1485.

GBP/USD Pulls Back As Traders React To UK Inflation Data

GBP/USD declined below the 1.3100 level as traders focused on inflation reports from the UK. Inflation Rate declined from 3.8% in September to 3.6% in October, in line with analyst forecast. Core Inflation Rate decreased from 3.5% to 3.4%, meeting analyst expectations.

A move below the 1.3070 level will open the way to the test of the support at 1.3015 – 1.3030.

USD/CAD Rebounds Amid Falling Demand For Commodity-Related Currencies

USD/CAD settled back above the 1.4000 level as traders focused on the pullback in the oil markets. Other commodity-related currencies have also moved lower in today’s trading session.

In case USD/CAD settles above the 1.4050 level, it will head towards the resistance at 1.4080 – 1.4095.

USD/JPY Attempts To Settle Above 156.50

USD/JPY tests new highs as traders bet on dovish BoJ. From the technical point of view, USD/JPY settled above the resistance at 154.50 – 155.00 and is trying to settle above the 156.50 level.

If USD/JPY manages to settle above 156.50, it will head towards the resistance level at 158.00 – 158.50.

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