Currency forecast: inflation in the USA is slowing down
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According to published data, inflation in the USA decreased to 4.9% on an annual basis. This is somewhat lower than expected by analysts who predicted a value of 5.0%. Price growth in the USA has been slowing since last summer, due to which inflation indicators have reached a minimum since April 2021. Taking into account the latest data on the labor market in the USA, the Fed may keep the current discount rate for a long time or even increase it at the next meeting. Now the main threat to the US economy is the risk of default if the “ceiling” of the national debt is not increased. This was reported by RoboForex analyst Andrei Goilov.
Chart of the currency pair EURUSD, D1.
In the EURUSD pair, support was formed at 1.0833 and resistance at 1.1069. If the US dollar consolidates below the level of 1.0974, it will be able to advance to 1.0755. At the same time, the euro is unable to overcome the resistance at 1.1069.
Chart of currency pair USDCHF, D1.
In the USDCHF currency pair, the resistance level has now moved to 0.8967, and support has not yet been formed. If the price is fixed below 0.8861, the dollar will weaken to the level of 0.8775. Otherwise, it may strengthen to 0.9018.
Chart of currency pair AUDUSD, D1.
In the AUDUSD currency pair, resistance is formed at 0.6697, and support is at 0.6592. It is possible that the US dollar will strengthen to 0.6435. A signal for its weakening may be the anchoring of quotations below the level of 0.6619.
Chart of currency pair USDJPY, D1.
In the currency pair USDJPY, the resistance levels at 137.54 and support at 133.03 were indicated. At the moment, the USD is striving to reach record highs since the beginning of this year. For this, he needs to overcome resistance and hold on to it.
Chart of currency pair GBPUSD, D1.
In the currency pair GBPUSD, support was formed at the level of 1.2435, and resistance at 1.2654. When the resistance level is broken, the pound will be able to reach the level of 1.2746.
Chart of currency pair NZDUSD, D1.
A support level of 0.6318 was formed in the NZDUSD currency pair. Resistance is formed at the 0.6381 mark. In this way, a rather narrow price channel was formed. If the US dollar remains below the mark of 0.6361, it will be able to strengthen to 0.6225.
Chart of currency pair USDCAD, D1.
In the USDCAD currency pair, a support level appeared at 1.3358. Resistance is now at 1.3647. The Canadian dollar weakened against the backdrop of lower oil prices. If the resistance is broken, the USD will strengthen to 1.3805.
Source: Ministry of Finance
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