FxWirePro- Forex Daily Update

 US dollar Index-

The US dollar index showed a minor pullback after hawkish comments from the Fed. It hit a low of 104.80 and is currently trading around 105.09.

The Fed Chairman reiterated that it is not an appropriate time to cut rates until greater confidence that inflation is moving towards the 2% target.

Markets eye US CPI data for further direction.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 70% from 68.40% a week ago.

Major resistance- 106.20/107

Major support- 105.20/104.45

EURUSD-

EURUSD showed a minor sell-off on weak Eurozone data. It hit a low of 1.08054 and is currently trading around 1.08189.

Eurozone Sentix investor confidence tumbled to -7.3 in Jul compared to a forecast of 0.0.

Major resistance-1.0865,1.0900

Major support- 1.0760,1.0700

Yen-

The pair traded higher as the US dollar gained strength after Powell's testimony.  Any close below 160 confirms further bearishness.

Major Resistance- 162,163

Major support- 159.80,15

Canadian Dollar

The Canadian dollar shows a minor weakness in easing oil prices. Any break below 1.3600 confirms further bearishness.

Resistance- 1.3660, 1.3725

Major support- 1.3600,1.3535