EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Rebounds At The Start Of The Week

U.S. Dollar

U.S. Dollar Index gains some ground as traders react to the Dallas Fed Manufacturing Index report. The report showed that Dallas Fed Manufacturing Index improved from -17.5 in July to -9.7 in August, compared to analyst consensus of -14. Today, traders also had a chance to take a look at the Durable Goods Orders report for July, which indicated that Durable Goods Orders increased by 9.9% on a month-over-month basis.

In case U.S. Dollar Index manages to climb above the 101.00 level, it will move towards the next resistance, which is located in the 102.00 – 102.20 range.

EUR/USD

EUR/USD pulls back as traders focus on the Ifo Business Climate report from Germany. The report showed that Business Climate decreased from 87.0 in July to 86.6 in August, compared to analyst forecast of 86.

The nearest support level for EUR/USD is located in the 1.1110 – 1.1135 range. If EUR/USD declines below the 1.1110 level, it will move towards the next support at 1.0980 – 1.1000.

GBP/USD

GBP/USD is losing some ground amid lack of strong catalysts. There are no economic reports scheduled to be released in the UK today, so traders will stay focused on general market sentiment.

If GBP/USD settles below the 1.3200 level, it will head towards the next support level, which is located in the 1.3120 – 1.3140 range.

USD/CAD

USD/CAD tests new lows as the strong pullback continues. Other commodity-related currencies are losing ground in today’s trading session.

If USD/CAD settles below the 1.3480 level, it will head towards the next support at 1.3360 – 1.3380.

USD/JPY

USD/JPY gains some ground as Treasury yields have moved away from recent lows.

In case USD/JPY settles back above the 145.00 level, it will head towards the nearest resistance, which is located in the 146.00 – 146.50 range.

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