Forecast for the EURUSD currency pair
Chg. % for the last day: -0.17
Day range: 1.11230-1.11569
52-week range: 1.0538-1.1616
Yesterday the EUR/USD currency pair showed diversified dynamics. At the beginning of European session, the currency rose and reached the resistance level of 1.12150. In the afternoon, the US dollar has won back its losses. Currently, EUR/USD is being traded near the mirror “resistance” of 1.11550.
The MACD histogram indicates the strengthening of the US dollar. The indicator has fixed in the negative zone and now is below the signal line.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating to buy EUR/USD.
Financial markets are waiting for US Federal Reserve meeting and interest rate decision. At 21:00 (GMT + 3:00) the results of the US Central Bank will be released.
Support levels: 1.10500
Resistance Levels: 1.11550, 1.12150
Before releasing the Federal Reserve System decision on interest rates, trend movements for the EUR/USD currency pair should not be expected. Further dynamics of the currency will largely depend on the regulator’s decision regarding the future monetary policy of the country, and comments of FOMC members. If FRS key interest rates maintain and FRS announces a possible increase in December this year, the price can reach 1.10500.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.29
Day range: 1.29449-1.30050
52-week range: 1.2796-1.5659
During yesterday’s trading session, bearish moods prevailed for the GBP/USD currency pair. In the first half of a day, the pound has lost more than 100 pips in price, breaking and fixing below the strongest support of 1.30000.
The MACD histogram is in the negative zone but has begun to rise. The indicator provides a weak signal to buy GBP/USD.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating the growth of GBP/USD.
The attention of the currency market participants will be focused on today’s meeting of the US Federal Reserve System.
Support levels: 1.29000
Resistance Levels: 1.30000, 1.31350
If the decision of the US central bank and the comments of FOMC members are directed to the tightening of monetary policy in the country, a downward movement can develop to the support level 1.29000.
An alternative could be the growth of the GBP/USD quotations to the resistance of 1.31150.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.11
Day range: 1.31540-1.32048
52-week range: 1.2458-1.4692
The last few trading sessions the USD/CAD pair is being traded in a sideways trend range of 1.31400-1.32250. A further driver for the formation of a new trend for USD/CAD can be today’s decision of the Federal Reserve System.
The MACD histogram has fixed in the negative zone and is below the signal line, indicating the decline of USD/CAD.
The Stochastic Oscillator is near the oversold zone, the %K line is below the %D line, which sends a weak signal to sell USD/CAD.
Today at 15:30 (GMT + 3: 00) the data on the volume of wholesale sales in Canada will be released.
Support levels: 1.31400, 1.30350
Resistance Levels: 1.32250
The alignment of forces on the USD/CAD currency pair will depend on future US monetary policy. In the case of the price overcoming and fixing above the resistance level of 1.32250, a continuation of the USD/CAD upward trend to the level of 1.33000 is possible.
An alternative could be the development of a downtrend to the support level 1.30350.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.23
Day range: 100.997-102.784
52-week range: 99.08-123.69
During the Asian and at the beginning of European trading sessions, the USD/JPY currency pair observed an increased volatility against the background of the Bank of Japan meeting. The regulator has decided to give up on targeting the monetary base in the country, and has put the government stocks yield under control. Central Bank kept buying-up of government securities at the level of 80 bln. yen per year.
The indicators signals show an ambiguous image. The MACD histogram is in the positive zone and above its signal line, indicating to buy USD/JPY.
The Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, indicating to sell USD/JPY.
The Japanese currency is under pressure against the background of the forthcoming meeting of the US Federal Reserve System.
Support levels: 101.500
Resistance Levels: 102,300, 103,000
In case of breaking the support of 101.500, the USD/JPY currency pair may fall to the level of 100.000.
An alternative would be an increase of USD/JPY to the resistance level of 102.300.