U.S. Dollar Stays Flat: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Flat As Traders Wait For Stronger Catalysts

U.S. Dollar Index is flat as traders react to RCM/TIPP Economic Optimism Index report. The report showed that Economic Optimism Index increased from 46.1 in September to 46.9 in October, compared to analyst consensus of 47.2.

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 move towards the next resistance, which is located in the 103.40 – 103.60 range.

EUR/USD Pulled Back From Session Highs

EUR/USD pulled back from session highs despite the better-than-expected Industrial Production report from Germany. The report showed that Germany’s Industrial Production increased by 2.9% month-over-month in August, compared to analyst forecast of +0.8%.

If EUR/USD pulls back below the 1.0950 level, it will head towards the nearest support at 1.0900 – 1.0915 range.

GBP/USD Settled Near 1.3100

GBP/USD is swinging between gains and losses as traders react to BRC Retail Sales Monitor report, which showed that Retail Sales increased by 1.7% year-over-year in September.

From the technical point of view, GBP/USD needs to settle back above the resistance at 1.3120 – 1.3140 to have a chance to gain upside momentum in the near term.

USD/CAD Gains Ground Amid Strong Sell-Off In Commodity Markets

USD/CAD tests new highs as traders focus on the strong sell-off in commodity markets.

In case USD/CAD stays above the 1.3650 level, it will head towards the next resistance level at 1.3700 – 1.3715.

USD/JPY Attempts To Settle Back Above 148.00

USD/JPY is currently trying to settle back above the 148.00 level. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.

If USD/JPY settles above 148.00, it will move towards the nearest resistance level, which is located in the 149.50 – 150.00 range.

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