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

U.S. Dollar Starts The Week On A Strong Note

U.S. Dollar Index continued to rebound after the recent pullback. The American currency is volatile ahead of the Fed Interest Rate Decision, which will be released next week.

In case U.S. Dollar Index settles above the 101.50 level, it will move towards the next resistance, which is located in the 102.00 – 102.20 range.

EUR/USD Tests The 1.1050 Level

EUR/USD is under pressure as pullback continues. There are no important economic reports scheduled to be released today, so traders will stay focused on general market sentiment.

If EUR/USD settles below the 1.1050 level, it will head towards the nearest significant support level, which is located in the 1.0980 – 1.1000 range. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

GBP/USD Is Losing Ground Amid Lack Of Positive Catalysts

GBP/USD is moving lower despite the pullback in Treasury yields. At this point, it looks that GBP/USD will need additional positive catalysts to gain sustainable upside momentum.

From the technical point of view, GBP/USD settled below the support at 1.3120 – 1.3140 and is moving towards the next support level at 1.3025 – 1.3045.

USD/CAD Pulls Back As Precious Metals Rebound

USD/CAD is losing some ground as traders focus on the rebound in precious metals markets.

If USD/CAD settles back below the 1.3550 level, it will move towards the nearest support at 1.3480 – 1.3500 range.

USD/JPY Moves Higher As Traders React To GDP Report

USD/JPY made an attempt to settle above the 143.00 level as traders focused on the second-quarter GDP Growth Rate report from Japan. The report indicated that annualized GDP Growth Rate improved from -2.4% in the first quarter to +2.9% in the second quarter, compared to analyst consensus of +3.2%.

In case USD/JPY stays above the support at 141.80 – 142.50, it will head towards the 50 MA at 144.65.

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