Earlier today, U.S. dollar climbed to a fresh six-year high against the yen as Wednesday’s the Federal Reserve's decision to cut monthly bond-buying program by another $10 billion continued to support demand for the greenback. In this way USD/JPY approached the next resistance level. Will it be strong enough to stop currency bulls’ charge?

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Yesterday, Fed officials cut monthly bond purchases by $10 billion, advancing the central bank's plans to close its quantitative easing program at its Oct. 28-29 meeting. In response, the U.S. dollar rallied against other currencies. 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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Although the Labor Department showed that the U.S. consumer price index fell 0.2% in August ( for the first time in 16 months), the greenback moved higher against the yen, hitting a fresh 2014 high. How high could the exchange rate climb?

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In the minutes of the last policy meeting, the Reserve Bank of Australia sustained its decision to keep interest rates on hold for an extended period of time. As a result, the Australian dollar declined against its U.S. counterpart and reached its lowest level since mid-March. Despite this drop, AUD/USD rebounded later in the day and erased over 20% of the recent declines. Is it time for a rebound?

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Although data showed that the Empire State manufacturing index rallied to 27.5 from 14.7 in August (beating analysts’ expectations for an increase to 16), U.S. manufacturing activity unexpectedly fell 0.4% in the previous month. Thanks to these mixed numbers, the U.S. dollar slipped against the Swiss franc, but did this drop change anything?

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