
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
EUR/USD has been moving inside the descending channel since early September. It has failed to cross the support of 1.1545 and reversed up. However, the pair shouldn’t cross the resistance level of 1.1580 on the first try as there are the 50-period moving average and the upper trend line. When the pair breaks below 1.1545, it is likely to fall to the psychological mark of 1.1500.
USD/JPY was rallying up, but took a breath and failed to break the resistance level of 113.50. If the pair crosses the 113.00 support, it may fall to the next round number of 112.00. However, the long-term trend remains bullish. The jump above 113.50 will open the doors to 114.00.
Finally, let’s look at the Bitcoin chart. It is edging higher to the psychological mark of $60,000 where the rally may stop for a while. If the cryptocurrency manages to break it, the way up to the high of April 15 at $63,500 will be clear. Support levels are the recent low of $54,000 and the psychological level of $50,000.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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