Earlier today, the euro moved little lower against the U.S. dollar after data showed that the GfK German consumer climate index dropped to 8.3 this month, while analysts had expected the index to slip to 8.5. As a result, EU/USD still remains around the April and July 2013 lows. North or south?

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Yesterday’s better-than-expected U.S. new home sales data brought further support to the greenback earlier today, which resulted in a fresh annual high in the USD Index. Additionally, later in the day, the U.S. Department of Labor reported that the initial jobless claims in the week ending September 19 increased by 12,000, while analysts expected a 19,000 rise. In response, the U.S. dollar moved higher against other currencies once again. Taking this fact into account, we decided not to wait until Friday, but today take a closer look at the major currency pairs and find out what impact did this U.S. dollar’s rally have on their outlooks.

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Earlier today, official data showed that U.S. new home sales data rose 18.0% in August to 504,000 units, beating expectations for a 4.4% gain (it’s worth noting that it was the highest level since May 2008). As a result, USD/CHF hit a fresh 2014 high and reached resistance area. Will it be strong enough to stop currency bulls?

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Earlier today, the USD Index, which tracks the performance of the U.S. dollar against a basket of major currencies, pulled back from over a four-year high. As a result, EUR/USD climbed above yesterday’s high. Is this a short-lived improvement or the first sign of a trend reversal?

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Earlier today, the National Association of Realtors reported that U.S. existing home sales declined 1.8% to 5.05 million units last in August, missing analysts’ expectations for 1% increase. As a result, USD/JPY gave up some gains and slipped below the previously-broken Fibonacci retracement level. Is it possible that the recent rally is running out of steam?

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