EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Some Ground As Traders Stay Bullish

U.S. Dollar

U.S. Dollar Index continues its attempts to settle above the resistance at 104.40 – 104.60 despite the continuation of the pullback in Treasury yields. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment.

If U.S. Dollar Index climbs above the 104.40 – 104.60 level, it will gain upside momentum and move towards the 105 level.

EUR/USD

EUR/USD is mostly flat as traders react to the Euro Area Economic Sentiment report. The report indicated that Economic Sentiment improved from 95.5 in February to 96.3 in March, compared to analyst consensus of 96.3.

If EUR/USD settles below the nearest support at 1.0810 – 1.0830, it will head towards the next support level at 1.0700 – 1.0720.

GBP/USD

GBP/USD is also flat amid a lack of catalysts. Traders should note that volatility may increase in the final days of the first quarter.

The nearest resistance level for GBP/USD is located in the 1.2650 – 1.2685 range. A move above 1.2685 will push GBP/USD towards the resistance at 1.2800 – 1.2825.

USD/CAD

USD/CAD has recently made another attempt to settle above the resistance at 1.3600 – 1.3620 but lost momentum and pulled back. Oil and gold markets are moving higher, which is bullish for the Canadian dollar.

In case USD/CAD declines below the 50 MA at 1.3560, it will move towards the nearest support level at 1.3480 – 1.3500.

USD/JPY

USD/JPY pulled back after an unsuccessful attempt to settle above the 152.00 level. However, USD/JPY received support near 151.00, so another test of this key level is possible in the near future.

The current trend stays bullish. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum. A move above the 152.00 level may trigger a rally, although it can also force the BoJ to intervene in order to provide support to the Japanese currency.

For a look at all of today’s economic events, check out our economic calendar.