Although the USD Index moved lower against the basket of major currency pairs ahead of the Federal Reserve and Bank of Japan’s upcoming policy meetings, the greenback remains near mid- Aug and Sep highs. Will we see a breakout above these levels? Will the Fed’s outcome be supporting or damaging to the U.S. currency? Before we know answers to these questions, let’s check what the current picture of our six currency pairs is.

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The USD is a part of all of the currency pairs that we cover, so what happens in the USD Index has profound implications. In today’s issue we’ll discuss the short- and long-term implications for this all-important index.

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Yesterday, the U.S. dollar climbed to its highest level since late Jul against its Canadian counterpart as declining price of crude oil continued to weigh on the commodity-linked Canadian currency. Thanks to these circumstances, USD/CAD broke above important resistances, but then gave up the gains and reversed. Did this price action change anything in the current picture of the exchange rate?

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Earlier today, the yen moved higher against the greenback as safe havens buying supported the Japanese currency. In this environment, USD/JPY slipped under the previously-broken resistance zone, invalidating earlier breakout. What does it mean for the exchange rate?

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Earlier today, the greenback extended gains against the Canadian dollar as declining price of crude oil dampened demand for the commodity-related Canadian currency. Thanks to these circumstances, USD/CAD climbed to important resistance, but is manage to stop currency bulls in the following days?

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