Market updates on July 10

Market updates on July 10

Key events ahead:

BOC rate statement – 17:00 MT

The bank won’t change its rate, that is why pay attention to its tone

Testimony by the Fed chair – 17:00 MT

More hints on the expected rate cut will weaken the USD

FOMC meeting minutes – 21:00 MT

Less dovish insights will bring positive momentum to the USD

·        GBP/USD has continued to move within the downward trading channel on H4. If the British pound is supported today, the pair will break the 1.2459 level. After that, the rise above the 1.2476 level seems possible.  The next key level for bulls will be placed at 1.2521. From the downside, the first support lies at 1.2439, the next one – at 1.2379.

·        EUR/USD has been knocking the resistance at 1.1217 on H4. If this level is broken, the further rise will be limited by the 1.1232 level. The next resistance will lie at 1.1246. If the USD gets stronger today, the pair will fall below the 1.12 level which is correlated with the long-term trendline and target the next support at 1.1187. After that, the next key level in focus of bears will be placed at 1.1178.

·        USD/CAD has been awaiting the central bank’s decision and testimony by the Fed chair. The pair has been trading within a narrow range on H4.  Hawkish comments for the CAD will pull the pair below the 1.3119 level. The next support level will lie at 1.3104. After the breakout, the pair may fall below the 50-period SMA and target the 1.3084 level. On the other hand, strong USD will push the pair above the 1.3132 level. The next resistance levels will lie at 1.3146 and 1.3158. There is a possibility for the pair to complete the formation of the double bottom pattern if the pair manages to break the 1.3132 and 1.3146 levels.

·        During the Asian trading session, the NZD/USD pair has tested the 0.6567 level. There was no clear reason behind this sellout. At the moment, the pair is trying to recover. On H4, it is moving towards the 50% Fibo above the 200-period SMA. If it manages to stick above this level, the rise will continue until the 0.6618 level will be reached. The support levels from the downside are 0.6581 (61.8% Fibo) and 0.6567.

·        USD/JPY has been trading within the uptrend on H4. If the USD is supported today, the pair will break the resistance at 109. The next resistance will lie at 109.21. If the Fed chair provides dovish comments, the fall below the 108.71 level will be inevitable. The next support will lie at 108.51. 


Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

Latest news

Bearish Signal For The USD
Bearish Signal For The USD

XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!

News for The Week
News for The Week

US stock markets started falling, while the US dollar is rising. What to expect from

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera