Yesterday’s ECB decision triggered a sharp decline and pushed the USD Index to an intraday low of 97.60. Although the index rebounded slightly earlier today, it is still trading under 99. Will today’s highly-anticipated report on U.S. employment support the greenback? Before we know the answer to this question, let’s check how yesterday downward move affected the short-term picture of our six currency pairs.

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Earlier today, the European Central Bank cut its deposit rate to -0.3% from -0.20%. Despite this move, the bank left the main refinancing rate unchanged, which together pushed the euro sharply higher against the greenback. As a result, EUR/USD invalidated earlier breakdowns and climbed above important resistance lines. How high could the exchange rate climb in the coming days?

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Earlier today, the ADP report that U.S. non-farm private employment increased by 217,000 in the previous month, beating expectations for an increase of 190,000, which added to speculation that the Fed will raise interest rates at its December meeting. Thanks to these numbers, the USD Index came back above the barrier of 100. How did this increase affect the technical picture of the euro, British pound and Swiss franc?

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Earlier this week, The Reserve Bank of Australia kept its benchmark cash rate at 2%, which supported the Australian dollar. As a result, AUD/USD bounced off the previously-broken long-term line, verifying the breakout. How high could the pair go?

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Earlier today, the USD Index extended gains and almost touched the March high as the last week’s upbeat U.S. data added to expectations that the Federal Reserve will raise interest rates next month. Time for reversal or higher values of the U.S. currency?

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