EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat In Holiday-Thinned Trading

U.S. Dollar

U.S. Dollar Index is mostly flat amid lack of catalysts due to Labor Day.

From the technical point of view, U.S. Dollar Index is moving towards the resistance at 102.00 – 102.20. RSI is in the moderate territory, so there is enough room to gain additional upside momentum in the near term. In case U.S. Dollar Index settles above the 102.20 level, it will head towards the next resistance at 103.40 – 103.60.

EUR/USD

EUR/USD is moving higher as traders react to the final reading of the Euro Area Manufacturing PMI report. The report showed that Manufacturing PMI remained unchanged at 45.8 in August, compared to analyst consensus of 45.6.

In case EUR/USD stays above the 1.1050 level, it will head towards the nearest resistance at 1.1110 – 1.1135.

GBP/USD

GBP/USD gains some ground as traders focus on the UK Manufacturing PMI report, which indicated that Manufacturing PMI improved from 52.1 in July to 52.5 in August.

If GBP/USD climbs above the 50 MA at 1.3163, it will head towards the 1.3200 level. A move above 1.3200 will open the way to the test of the resistance at 1.3280 – 1.3300.

USD/CAD

USD/CAD continues its attempts to settle above the resistance at 1.3480 – 1.3500 despite the rebound in the oil markets.

In case USD/CAD settles above the 1.3500 level, it will head towards the next resistance level at 1.3600 – 1.3620.

USD/JPY

USD/JPY is moving higher as the rebound continues. From a big picture point of view, traders have already started to prepare for the Fed decision, which will be released on September 18.

If USD/JPY manages to settle above the resistance at 146.00 – 146.50, it will head towards the next resistance level at 149.30 – 149.70.

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