The U.S. Dollar Reaches Key Price Levels

• 17 Oct 2017

GBP/USD

The GBP/USD pair is testing the 1.322 price level having broken the resistance level a few days ago. At the same time, MACD is approaching the zero line and a break would confirm the downtrend. Volume appears to be declining however, which may indicate that sellers might not have the conviction to drive prices lower.

Impact event: U.K. Consumer Price Index data will be released at 11:30 GMT+3 and will impact all Sterling pairs.

EUR/CAD

The EUR/CAD pair is testing the 1.474 price level, the 20-period EMA continues to act as a support level and a break of the zero line on MACD indicates bullish sentiment. Volume does appear to have flattened therefore it is possible that the pair bounces around the 1.474 price level in the near-term.

Impact event: Eurozone Consumer Price Index data will be released at 13:00 GMT+3 and will impact all Euro pairs.

USD/CHF

The USD/CHF pair has made a bullish move away from the 0.973 price level which has been acting as support in recent trading sessions. Price action appears to be heading for a recent market top at the 0.979 price level and RSI is approaching the 70 overbought line. With MACD flattening out above the zero line, there appears to be potential for a bearish reversal in the near-term.

USD/CAD

The USD/CAD pair appears to be oscillating in a fairly tight trading range between the 1.244 and the 1.262 price level. Sentiment appears to be bullish with MACD breaking the zero line and RSI having an upward trajectory. However, volume appears to be declining and RSI is approaching the 70 overbought line, therefore if price action does reach the 1.262 price level, there is a strong chance the pair will reject this price level.