U.S. Dollar Gains Ground Ahead Of The Weekend
U.S. Dollar Index tests new highs as traders focus on the better-than-expected Chicago PMI report. The report indicated that Chicago PMI increased from 40.6 in September to 43.8 in October, compared to analyst forecast of 42.3.
The nearest resistance level for U.S. Dollar Index is located in the 100.00 – 100.15 range. A move above the 100.15 level will push U.S. Dollar Index towards the next resistance at 101.85 – 102.00.
EUR/USD Tests New Lows
EUR/USD is losing ground as traders focus on inflation reports from the EU. Inflation Rate declined from 2.2% in September to 2.1% in October, in line with analyst estimates. Core Inflation Rate remained unchanged at 2.4%, while analysts expected that it would drop to 2.3%.
A successful test of the support at 1.1515 – 1.1530 will open the way to the test of the next support level at 1.1400 – 1.1415.
GBP/USD Retreats As Pullback Continues
GBP/USD remains under pressure as traders stay focused on the current state of UK finances.
In case GBP/USD stays below the support at 1.3145 – 1.3160, it will move towards the next support level, which is located in the 1.3015 – 1.3030 range.
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See all EUR/USD forecastsUSD/CAD Climbed Back Above 1.4000 As Traders Reacted To Canada’s GDP Data
USD/CAD is moving higher as traders focus on the GDP report from Canada. The report indicated that GDP declined by -0.3% month-over-month in August, compared to analyst forecast of 0.0%. Preliminary data for September shows that GDP increased by +0.1%, compared to analyst consensus of -0.1%.
If USD/CAD settles above the resistance at 1.4000 – 1.4015, it will move towards the next resistance level at 1.4080 – 1.4095.
USD/JPY Is Stuck Below 154.50
USD/JPY remains stuck below the resistance at 154.50 – 155.00 as traders focus on the Unemployment Rate report from Japan. The report showed that Unemployment Rate was unchanged at 2.6% in September, while analysts expected that it would drop to 2.5%.
A move above the 155.00 level will push USD/JPY towards the resistance level at 158.00 – 158.50.
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