U.S. Dollar Is Flat As Dallas Fed Manufacturing Index Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Mostly Flat At The Start Of The Week

U.S. Dollar Index is mostly flat as traders react to Dallas Fed Manufacturing Index report, which showed that Dallas Fed Manufacturing Index declined from 14.1 in January to -8.3 in February.

From the technical point of view, U.S. Dollar Index remains stuck below the resistance at 106.80 – 107.00. If U.S. Dollar Index manages to settle above the 107.00 level, it will move towards the next resistance level at 108.30 – 108.50.

EUR/USD Tested Resistance At 1.0515 – 1.0530

EUR/USD gained some ground as traders focused on Ifo Business Climate report from Germany. The report showed that Business Climate remained unchanged at 85.2 in February, compared to analyst forecast of 85.8.

If EUR/USD settles above the 1.0480 level, it will move towards the nearest resistance, which is located in the 1.0515 – 1.0530 range.

GBP/USD Moved Away From Session Highs

GBP/USD made an attempt to settle below the support at 1.2600 – 1.2615 but failed to develop sufficient downside momentum.

If GBP/USD pulls back below the 1.2600 level, it will move towards the next support level at 1.2485 – 1.2500.

USD/CAD Tries To Gain Upside Momentum

USD/CAD gained some ground as traders reacted to U.S. economic reports. From a big picture point of view, USD/CAD found strong support in the 1.4180 – 1.4200 range and is trying to gain upside momentum.

In case this attempt is successful, USD/CAD will head towards the nearest resistance level, which is located in the 1.4330 – 1.4350 range.

USD/JPY Attempts To Rebound Despite Falling Treasury Yields

USD/JPY moved higher despite the pullback in Treasury yields. The yield of 2-year Treasuries declined below the 4.20% level, while the yield of 10-year Treasuries settled near 4.40%.

A move above the 150.00 level will open the way to the test of the resistance at 151.50 – 152.00.

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