All eyes are on whether the euro and the U.S. dollar will break out of their current range

All eyes are on whether the euro and the U.S. dollar will break out of their current range

20.12.2022

In yesterday’s U.S. currency trading, the Canadian dollar strengthened, with the CAD/JPY pair rising from 99.214 to 100.456.In early Asian trading today, the pair tested the upside, rising as high as 100.750, but then fell back following today’s Bank of Japan monetary policy meeting. It dropped by approximately 3.5 yen to 97.301. Technically, the CAD/JPY pair has fallen to the monthly 20-day moving average, and since the Bollinger Bands have not yet reached the -3σ level, there is still room to move. Therefore, caution is advised regarding a potential decline following a period of consolidation.

Among European currencies, the euro traded sideways against the U.S. dollar. The EUR/USD pair has been trading within a range between 1.0576 and 1.0657, with both the lower and upper bounds of the range narrowing slightly. On the 4-hour chart, the EUR/USD pair is seeking direction with the 20-period moving average serving as the central line; therefore, we expect the current range to persist until the release of the University of Michigan Consumer Sentiment Index later this week.

Today, at 4:00 PM, South Africa’s Leading Index, Germany’s Producer Price Index, and Switzerland’s Trade Balance,Turkey’s Consumer Confidence Index at 4:00 PM, Hong Kong’s Consumer Price Index at 5:30 PM, the Philippines’ Industrial Production and Producer Price Index at 6:00 PM, and the Eurozone’s Current Account Balance at 6:00 PM.We will be watching closely to see if the euro and the U.S. dollar break out of their current range.

Past Market Reports

1. 21.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?