EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground, Supported By Rising Treasury Yields

FXEmpire.com -

Key Insights

  • EUR/USD pulled back after the release of the disappointing Industrial Production report from Germany. 
  • USD/CAD made an attempt to settle above 1.3400 as demand for commodity-related currencies declined. 
  • USD/JPY rebounded from session lows and moved towards the 144.50 level. 

U.S. Dollar

DXY 090124 4h Chart

U.S. Dollar Index gains ground as traders bet that Fed may be less dovish than previously expected.

Currently, U.S. Dollar Index is trying to settle above the 102.50 level. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance at 103.50 – 103.75.

EUR/USD

EUR/USD 090124 4h Chart

EUR/USD is losing ground as traders react to the disappointing Industrial Production data from Germany. The report indicated that Industrial Production declined by 0.7% month-over-month in November, compared to analyst consensus of +0.7%.

If EUR/USD manages to settle below the 1.0925 level, it will head towards the next support, which is located in the 1.0810 – 1.0830 range.

GBP/USD

GBP/USD 090124 4h Chart

GBP/USD is moving lower as traders focus on the weaker-than-expected UK Retail Sales report, which showed that Retail Sales increased by 1.9% year-over-year in December.

If GBP/USD declines below the support at 1.2650 – 1.2685, it will gain additional downside momentum and move towards the 1.2500 level.

USD/CAD

USD/CAD 090124 4h Chart

USD/CAD is moving higher despite the rebound in the oil markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

A successful test of the resistance at 1.3380 – 1.3410 will open the way to the test of the next resistance level at 1.3480 – 1.3500.

USD/JPY

USD/JPY 090124 4h Chart

USD/JPY is moving higher as traders focus on rising Treasury yields.

The nearest resistance level for USD/JPY is located in the 144.65 – 145.00 range. A move above 145.00 will push USD/JPY towards the next resistance at 147.00 – 147.50.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.