U.S. Data boost supports dollar’s modest rise

Forex technical analysis:

Wednesday, in advance of the Thanksgiving holiday, the U.S. Published a series of heavy economic data. Data showed third-quarter GDP was revised upward to 2.1%, up from 1.9% earlier. Durable goods orders rose 0.6% in October, well above expectations of a 0.8% fall. While initial jobless payments fell to 213,000, compared with 227,000 last week,and the closely watched inflation indicator, the core PCE price index, rose 0.1% a month, in line with expectations. Later the data came out, the DXY short-term pulled up about 15 points, and then fell back from the Japanese high, THE EUR and other major non-US currencies and spot gold under pressure to fall;

Forex fundamental analysis:

The DXY pullback on Wednesday was supported by a rally above 98.20, rising below 98.45 and closing at 98.37, meaning the USD is likely to hold the correction after a short rally. If DXY rises below 98.50 today, the quarry of the post-market correction will point to 98.25-98.10. Today, DXY short-term resistance at 98.45-98.50, short-term important resistance 98.55-98.60. DXY short-term support at 98.25-98.30, short-term important support at 98.10-98.15.

The EUR/USD rally on Wednesday was held back in 1.1030, falling above 1.0990 and closing at 1.1005, meaning the EUR/USD is likely to remain on the rebound after a short-term decline. If EUR/USD falls above 1.0990 today, the goal of the post-market rally will point to 1.1025-1.1040. Today EUR/USD short-term resistance at 1.1020-1.1025, short-term important resistance at 1.1040-1.1045. EUR/USD short-term support at 1.0985-1.0990, short-term important support at 1.0970-1.0975.

Forex Trading Strategy Recommendations:

DXY: 98.45 Sell, 98.60 Stop Loss, 98.15 Take Profit

EUR/USD: 1.0990 Buy, 1.0970 Stop Loss, 1.1040 Take Profit

GBP/USD: 1.2880 Buy, 1.2850 Stop Loss, 1.2970 Take Profit

USD/CHF: 1.0010 Sell, 1.0030 Stop Loss, 0.9960 Take Profit

USD/JPY: 109.20 Buy. 108.80 Stop Loss, 110.00 Take Profit

AUD/USD: 0.6770 Buy, 0.6755 Stop Loss, 0.6800 Take Profit

USD/CAD: 1.3295 Sell, 1.3315 Stop Loss, 1.3245 Take Profit

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