EUR/USD, GBP/JPY, USD/CAD, USD/JPY Forecasts

U.S. Dollar Index is mostly flat as traders react to the Existing Home Sales report, which showed that Existing Home Sales declined by 4.1% month-over-month in October.

If U.S. Dollar Index stays below the 103.50 level, it will head towards the next support, which is located in the 101.75 – 102.00 range.

EUR/USD faced resistance near 1.0950 and pulled back as traders decided to take some profits off the table after the recent rally.

In case EUR/USD manages to settle above the resistance at 1.0925 – 1.0950, it will move towards the next resistance, which is located in the 1.1070 – 1.1100 range.

GBP/USD

GBP/USD continues to move higher as traders prepare for rate cuts from the Fed in the first half of 2024. Interestingly, the problems of the UK economy have not put any pressure on the British pound in November.

In case GBP/USD climbs above the 1.2550 level, it will head towards the resistance at 1.2650 – 1.2685.

USD/CAD

USD/CAD continues its attempts to settle below the support at 1.3675 – 1.3700 despite the pullback in the oil markets.

In case this attempt is successful, USD/CAD will head towards the next support level at 1.3570 – 1.3600.

USD/JPY

USD/JPY remains under pressure as the pullback continues. Traders stay focused on the general weakness of the U.S. dollar.

If USD/JPY stays below the 148.00 level, it will move towards the support at 144.65 – 145.00.

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