Copper price provided a new positive close above $5.9700 level, reinforcing the efficiency of the bullish trend, recording clear gains by reaching $6.2100, approaching the second suggested target in the previous report.
The price gets positive momentum by stochastic, which attempts to settle within the overbought level, increasing the chances of surpassing $6.2600 level, to expect its rally towards $6.3800 resistance in the near period.
The expected trading range for today is between $6.0400 and$6.3800
The Euro has been a little bit positive in the early part of the trading session here on Thursday, but we continue to see a little bit of hesitation between the 1.18 level and the 1.1850 level.
There are a lot of things going on, not the least of which will be the war of course in the Middle East, but the market has seen quite a bit of volatility based on positive news flow coming out of the Middle East and then eventually negative.
It’s also worth noting that the non-farm payroll announcement comes out on Friday, so you have to be a little cautious with this, recognizing that we have a situation where there will be a lot of volatility during the session on Thursday going into Friday and as a result, caution is the better part of valor.
The Impact of Non-Farm Payrolls and Fed Policy
I do think that there is going to be a very immense amount of pressure above that could cause quite a few headaches for traders who are trying to get long. 1.1850 being broken to the upside would obviously be a very bullish turn of events; it could show the EUR/USD market as ready to break higher, perhaps the 1.20 level and beyond.
That being said, what you need is a reason for the Federal Reserve to look like they are not going to stay tighter for longer. In this environment, there is a lot of positivity out there based on some comments coming out of Tehran and Washington DC, but the jobs market, if it’s still really hot, that could kill some of that US dollar weakness as it will make the Federal Reserve have to sit on its hands even longer.
If we do fall from here, I expect the 50-day EMA near the 1.1685 level to offer support. I think we’re just stuck in this compression pattern at the moment.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
Copper price provided a new positive close above $5.9700 level, reinforcing the efficiency of the bullish trend, recording clear gains by reaching $6.2100, approaching the second suggested target in the previous report.
The price gets positive momentum by stochastic, which attempts to settle within the overbought level, increasing the chances of surpassing $6.2600 level, to expect its rally towards $6.3800 resistance in the near period.
The expected trading range for today is between $6.0400 and$6.3800
The GBPJPY pair settles in sideways range near 212.80 level, affected by the contradiction of the main indicators, to delay activating the previously suggested negative trend.
The price might recover more of the losses by its rally towards 213.50, reaching the moving average 55 near 213.85, but it will not affect the main bearish scenario, depending on the continuation of forming main barrier at 214.30 level against the current trading, note that breaking 211.80 level will ease the mission of forming strong waves, to expect reaching 211.20, repeating the pressure on 210.45 support.
The expected trading range for today is between 211.80 and 213.50
The Pound US Dollar (GBP/USD) exchange rate edged higher on Thursday, as improving risk appetite helped lift the pairing.
At the time of writing, GBP/USD was trading at $1.3622, up roughly 0.2% on the day.
The US Dollar (USD) weakened on Thursday as a firmer risk tone reduced demand for the safe-haven ‘Greenback’.
Markets were buoyed by hopes of a possible US-Iran peace agreement, after US President Donald Trump suggested a deal to end the conflict was ‘very possible’ following negotiations over the previous 24 hours.
The prospect of easing tensions in the Middle East lifted global equities and encouraged investors away from safer assets.
This left the US Dollar under pressure through Thursday’s trade, with risk-sensitive currencies advancing as the ‘Greenback’ faced broad-based selling.
The Pound (GBP) strengthened against the US Dollar on Thursday, as its increasingly risk-sensitive nature left it well placed to benefit from the brighter market mood.
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However, Sterling’s gains were limited by caution ahead of the UK local election results.
Labour is widely expected to suffer setbacks, with investors watching closely to see the scale of the losses. A sharper-than-forecast defeat could intensify pressure on Prime Minister Keir Starmer, especially after some Labour MPs have already called for him to resign.
As a result, the Pound’s upside was capped, with improved risk appetite partly offset by fears that the elections could trigger renewed political uncertainty in the UK.
Near-Term GBP/USD Forecast: Pound to Face Election Fallout as US Dollar Awaits NFP Data?
Looking ahead, the UK local election results are likely to take centre stage for Pound investors on Friday.
Sterling may find support if Labour’s losses prove relatively contained, as this could calm concerns over Prime Minister Keir Starmer’s leadership.
However, a heavier defeat could revive speculation over a possible leadership challenge. If the results heighten fears of political instability in the UK, rising bond yields may add further pressure to the Pound.
At the same time, USD investors will be focused on the latest non-farm payrolls report. Economists expect US jobs growth to have slowed in April, which could strengthen bets on a Federal Reserve interest rate cut this year and drag on the ‘Greenback’.
Risk sentiment may also remain a key driver for the US Dollar. Should the market mood stay upbeat, the safe-haven ‘Greenback’ could struggle to regain ground.
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Silver (XAG/USD) trims part of its earlier gains on Thursday as geopolitical headlines from the Middle East continue to stir volatility across financial markets. At the time of writing, XAG/USD is trading around $79.62 after easing from a three-week high near $82.00 touched earlier in the American session, though the metal remains up nearly 3% on the day.
Iran has imposed new rules for vessels passing through the Strait of Hormuz, according to CNN, in an attempt to tighten control over shipping movements through the waterway, which handles 20% of global Oil flows.
Persistent tensions surrounding the Strait of Hormuz keep Oil prices elevated, fueling inflation concerns and supporting hawkish central bank expectations, which in turn continue to cap upside attempts in Silver.
However, renewed hopes that the US and Iran could reach a deal to end the war in the Middle East support the metal in the near term, while technical indicators also remain constructive.
Technical Analysis:
In the daily chart, XAG/USD holds above the 20-day Simple Moving Average (SMA) Bollinger middle band at $76.32, keeping the near‑term bias constructive while it grinds toward the upper Bollinger band, now capping the upside around $81.43. The Relative Strength Index (14) at 57 sits in positive territory without being overbought, suggesting buyers retain control, while the subdued Average Directional Index (14) near 12.76 hints that the prevailing uptrend lacks strong directional conviction for now.
On the topside, immediate resistance is located at the upper Bollinger band at $81.43; a daily close above this barrier would open the door for a more impulsive extension of the bull leg. On the downside, initial support is provided by the 20-day SMA Bollinger middle band at $76.32, with a deeper pullback likely finding additional protection near the lower Bollinger band around $71.21 as long as the broader bullish structure remains intact.
(The technical analysis of this story was written with the help of an AI tool.)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.01%
0.09%
0.25%
0.05%
0.10%
0.05%
0.02%
EUR
0.00%
0.09%
0.28%
0.06%
0.10%
0.05%
0.02%
GBP
-0.09%
-0.09%
0.17%
-0.04%
0.00%
-0.04%
-0.07%
JPY
-0.25%
-0.28%
-0.17%
-0.22%
-0.16%
-0.26%
-0.23%
CAD
-0.05%
-0.06%
0.04%
0.22%
0.06%
0.00%
-0.03%
AUD
-0.10%
-0.10%
-0.01%
0.16%
-0.06%
-0.05%
-0.09%
NZD
-0.05%
-0.05%
0.04%
0.26%
0.00%
0.05%
-0.03%
CHF
-0.02%
-0.02%
0.07%
0.23%
0.03%
0.09%
0.03%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
USD/JPY is moving higher as traders shrug off intervention risks and focus on higher yields in the U.S. The yield of 2-year Treasuries climbed back towards the 3.90% level, while the yield of 10-year Treasuries settled above 4.37%.
If USD/JPY settles above the 156.00 level, it will head towards the key resistance level at 158.00 – 158.50. Yesterday, BoJ defended the 158.00 level and briefly pushed USD/JPY towards 155.00.
However, the yen is fundamentally weak, and traders are ready to use pullbacks as an opportunity to buy USD/JPY. The Bank of Japan cannot intervene on a daily basis as the yen would lose the status of a free-floating currency. USD/JPY bulls bet that BoJ will be forced to move away from the forex market after several unsuccessful attempts to defend the yen.
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The EURJPY pair reached %23.6 Fibonacci correction level at 182.00, to form strong support to provide chances for recovering some losses by its rally near 183.70 level.
In general, the bearish scenario will remain valid depending on forming main barrier by 185.45 level against the current trading, which makes us wait for gathering negative momentum, which allows it to renew the negative attempts that might target 182.80 level, to attempt to renew the pressure on 182.00 support, while breaching the main barrier and holding above it will confirm its move to a positive station, to begin targeting several positive stations by its rally towards 186.00 and 186.60.
The expected trading range for today is between 182.80 and 184.30
The US dollar has pulled back slightly against the Canadian dollar, but it still looks like it is in a basing pattern, and it is trying to find a reason to go higher. If we do drop from here, the 1.36 level might be short-term support, and the 1.3550 level most certainly is; it has proven itself multiple times. Pay attention to those US rates. If they turn around, that probably continues the bounce here.
Platinum price managed to settle above the moving average 55, confirming the attempt of activating the bullish trend again, to hit $2075.00 level, approaching the previously suggested initial main target.
Surpassing $2080.00 level, to open the way for resuming the bullish trend, to reach $2120.00, to extend the trading towards the next main target near $2190.00, note that the rise of changing the trend and forming bearish waves depends on breaking the support level at $1865.00.
The expected trading range for today is between $2020.00 and $2120.00
