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

U.S. Dollar Rebounds From Session Lows

U.S. Dollar Index gains ground as traders focus on the better-than-expected CB Consumer Confidence report. The report showed that Consumer Confidence increased to 111.7 in November, compared to analyst forecast of 111.3.

Currently, U.S. Dollar Index is trying to settle back above the resistance at 107.10 – 107.30. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance level at 108.70 – 108.90.

EUR/USD Pulls Back Amid Lack Of Positive Catalysts

EUR/USD pulled back as traders focused on U.S. economic data and prepared for the release of FOMC Minutes.

From the technical point of view, EUR/USD is stuck in a range between the support at 1.0435 – 1.0450 and the resistance at 1.0525 – 1.0540. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

GBP/USD Is Losing Ground As Traders Wait For FOMC Minutes

GBP/USD is losing ground as traders focus on rising Treasury yields. The recent attempt to settle above the resistance at 1.2575 – 1.2590 yielded no results.

If GBP/USD declines below the support at 1.2510 – 1.2525, it will head towards the next support level, which is located in the 1.2435 – 1.2450 range.

USD/CAD Moved Higher On Trump’s Tariff Threat

USD/CAD gained ground as traders focused on Trump’s idea to impose tariffs on Canada. However, it did not manage to settle above the resistance at 1.4100 – 1.4120 and pulled back towards the 1.4050 level.

A move below 1.4050 will push USD/CAD towards the 50 MA at 1.4013. If USD/CAD pulls back below the 50 MA, it will head towards the support at 1.3930 – 1.3950.

USD/JPY Tests Support At 153.00 – 153.50

USD/JPY tests support at 153.00 – 153.50 despite rising Treasury yields. At this point, USD/JPY needs additional positive catalysts to move higher.

In case USD/JPY declines below the 153.00 level, it will move towards the next support level at 150.00 – 150.50.

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