EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat Ahead Of PPI Report

U.S. Dollar

U.S. Dollar Index is flat as traders wait for catalysts. There are no significant economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment.

In case U.S. Dollar Index climbs above the 50 MA at 103.31, it will move towards the resistance at 103.50 – 103.75.

EUR/USD

EUR/USD gains some ground as traders react to Germany’s Wholesale Prices report. The report showed that Wholesale Prices increased by 0.3% month-over-month in July, compared to analyst consensus of +0.2%.

EUR/USD has found strong support in the 1.0900 – 1.0915 range. If EUR/USD moves above the 1.0950 level, it will head towards the resistance at 1.0980 – 1.1000.

GBP/USD

GBP/USD tests resistance at 1.2780 – 1.2800 as traders focus on the pullback in Treasury yields. The yield of 2-year Tresuries settled near the 4.03% level, while the yield of 10-year Treasuries pulled back towards 3.91%.

In case GBP/USD climbs above the 1.2800 level, it will head towards the next resistance, which is located in the 1.2930 – 1.2950 range.

USD/CAD

USD/CAD is moving away from recent lows despite the rally in precious metals markets. Other commodity-related currencies are moving higher in today’s trading session.

A move above the 1.3750 level will open the way to the test of the nearest resistance, which is located in the 1.3785 – 1.3800 range.

USD/JPY

USD/JPY gains ground, supported by falling Treasury yields. Forex traders have calmed down after recent volatility, and USD/JPY is slowly moving towards the 150.00 level.

RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge. The technical picture is bullish as USD/JPY has recently managed to settle above the 50 MA at 146.95 and is heading towards the nearest resistance at 149.50 – 150.00.

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