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

U.S. Dollar Index Remains Stuck Below The 108.30 Level

U.S. Dollar Index gains some ground ahead of Christmas. There are no important economic reports scheduled to be released today, and traders prepare for the holiday.

From the technical point of view, U.S. Dollar Index is stuck below the resistance at 108.30 – 108.50. A move above the 108.50 level will push U.S. Dollar Index towards the next resistance at 109.40 – 109.60.

EUR/USD Attempts To Settle Below 1.0400

EUR/USD pulls back as traders remain worried about the health of the European economy.

In case EUR/USD manages to settle below the 1.0400 level, it will gain additional downside momentum and move towards the nearest significant support level at 1.0330 – 1.0345. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

GBP/USD Pulled Back From Session Highs

GBP/USD made an attempt to settle above the resistance at 1.2575 – 1.2590 but lost momentum and pulled back below the 1.2550 level.

If GBP/USD stays below the 1.2550 level, it will head towards the support at 1.2475 – 1.2490. On the upside, a move above the 1.2590 level will open the way to the test of the 50 MA at 1.2616.

USD/CAD Is Moving Higher Amid Falling Demand For Commodity-Related Currencies

USD/CAD gained ground despite rising commodity markets. Other commodity-related currencies have found themselves under pressure in today’s trading session.

USD/CAD needs to settle above the 1.4450 level to gain additional upside momentum. If USD/CAD climbs above 1.4450, it will move towards the next resistance level at 1.4540 – 1.4560.

USD/JPY Is Heading Towards The 157.50 Level

USD/JPY is moving higher as traders stay focused on rising Treasury yields. The recent changes in Fed policy outlook serve as the key bullish catalyst for USD/JPY as BoJ maintains its ultra-dovish policy.

In case USD/JPY moves above the 157.50 level, it will head towards the resistance level at 158.50 – 159.00.

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