Should we keep an eye on the direction of the U.S. dollar, which is facing resistance at higher levels?

Should we keep an eye on the direction of the U.S. dollar, which is facing resistance at higher levels?

04.10.2024

In yesterday’s U.S. currency trading, the U.S. dollar fluctuated against the yen after the August durable goods orders report, released yesterday, showed no change from the previous month’s 0.0%. The USD/JPY pair traded between 146.203 and 147.240, with price action centered around the 20-period moving average on the hourly chart.During today’s Asian session, the pair has broken below the 20-period moving average on the hourly chart and fallen to the -3σ level of the Bollinger Bands. We will be watching closely to see if the US dollar continues to weaken against the yen.

European currencies saw the euro edge lower against the U.S. dollar after the Eurozone’s August Producer Price Index (PPI), released yesterday, came in at -2.3% year-on-year, a further decline from the previous month’s -2.1%.The EUR/USD pair fell from 1.1048 to 1.1008. It faced resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is trading below the 10-period MA, indicating heavy resistance on the upside. On the daily chart, the pair is on the verge of breaking below the 75-period MA support line, so traders should pay close attention to market strength or weakness during U.S. trading hours.

Today’s schedule includes the Philippine Consumer Price Index at 10:00, the Indian Services PMI at 14:00, Singapore Retail Sales at 14:00, Swiss Employment Statistics at 14:45, French Industrial Production at 15:45, remarks by MPC member Pill at 16:55, and the UKConstruction PMI, Mexico’s employment report at 9:00 PM, the U.S. employment report at 9:30 PM, remarks by U.S. Federal Reserve Bank of New York President Williams at 10:00 PM, Canada’s Ivey PMI at 11:00 PM, remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee at 11:30 PM, and Brazil’s trade balance at 3:00 AM.We want to carefully assess the direction of the U.S. dollar, which is facing resistance on the upside.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 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

4. 14.04.2026New

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

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed