U.S. Dollar Gained Some Ground: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moved Higher As Composite PMI Beat Expectations

U.S. Dollar Index gained some ground as traders reacted to PMI reports. Manufacturing PMI decreased from 47.9 in August to 47.0 in September, compared to analyst consensus of 48.5. The report showed that the manufacturing sector remained under pressure. Services PMI pulled back from 55.7 to 55.4. Numbers above 50 show expansion.

U.S. Dollar Index made an attempt to settle above the 101.00 level but did not manage to gain momentum and pulled back. If U.S. Dollar Index declines below the 100.80 level, it will head towards the next support level at 99.55 – 99.75.

EUR/USD Pulled Back After Disappointing PMI Reports

EUR/USD pulled back as traders reacted to weak PMI data. Euro Area Manufacturing PMI declined from 45.8 in August to 44.8 in September, while Services PMI decreased from 52.9 to 50.5.

If EUR/USD settles below the support at 1.1115 – 1.1130, it will head towards the next support level, which is located in the 1.1000 – 1.1015 range.

GBP/USD Tested New Highs As Rally Continued

GBP/USD tested new highs after the release of PMI reports. UK Manufacturing PMI declined from 52.5 in August to 51.5 in September, compared to anlayst consensus of 52.5. UK Services PMI decreased from 53.7 to 52.8, missing analyst expectations of 53.5.

If GBP/USD climbs above the 1.3350 level, it will head towards the nearest resistance, which is located in the 1.3420 – 1.3440 range.

USD/CAD Pulled Back Amid Rising Demand For Commodity-Related Currencies

USD/CAD moved lower despite the strong pullback in the oil markets. Rising demand for commodity-related currencies provided support to Canadian dollar.

A move below the support at 1.3480 – 1.3500 will open the way to the test of the next support level at 1.3360 – 1.3380.

USD/JPY Failed To Settle Above 144.00

USD/JPY made an attempt to settle above the 144.00 level but lost momentum and pulled back.

From the technical point of view, USD/JPY did not manage to get out of the downward channel, which is a bearish sign.

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