U.S. Dollar Gains Ground Ahead Of Fed Decision: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Moving Higher Ahead Of Fed Decision

U.S. Dollar Index gains ground as traders wait for Fed Interest Rate Decision, which will be released soon. Analysts expect that the Fed will leave the interest rate unchanged. The Fed will also issue FOMC Economic Projections, which may have a material impact on market dynamics.

If U.S. Dollar Index stays above the 50 MA at 103.64, it will head towards the nearest resistance level, which is located in the 104.30 – 104.50 range.

EUR/USD Pulled Back Below 1.0900

EUR/USD pulls back as traders take some profits off the table ahead of the Fed decision.

If EUR/USD settles below the 50 MA at 1.0885, it will move towards the support level, which is located in the 1.0760 – 1.0775 range.

GBP/USD Is Losing Ground As Traders Wait For Powell’s Comments

GBP/USD is losing some ground amid profit-taking. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

The nearest support level for GBP/USD is located in the 1.2935 – 1.2950 range. A move below the 1.2935 level will push GBP/USD towards the support level at 1.2810 – 1.2830.

USD/CAD Tests Resistance At 1.4330 – 1.4350

USD/CAD is moving higher as demand for commodity-related currencies declines ahead of Fed decision.

A successful test of the resistance at 1.4330 – 1.4350 will push USD/CAD towards the next resistance level at 1.4485 – 1.4500.

USD/JPY Attempts To Settle Above The 150.00 Level

USD/JPY is trying to settle above the psychologically important 150.00 level as traders react to BoJ Interest Rate Decision. Japan’s central bank left the interest rate unchanged at 0.5%, in line with analyst consensus.

If USD/JPY manages to settle above the 150.00 level, it will head towards the next resistance level, which is located in the 152.00 – 152.50 range.

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