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

By:
Vladimir Zernov
Published: Sep 24, 2024, 16:41 GMT+00:00

Key Points:

  • EUR/USD climbed above the 1.1150 level despite the disappointing Ifo Business Climate report from Germany.
  • GBP/USD tested new highs as rally continued.
  • USD/CAD pulled back towards 1.3450 as traders focused on the strong rally in precious metals markets.
EUR/USD, GBP/USD, USD/CAD, USD/JPY

In this article:

U.S. Dollar Retreats After CB Consumer Confidence Report

DXY
DXY 240924 4h Chart

U.S. Dollar Index pulled back as traders reacted to the weaker-than-expected CB Consumer Confidence report. The report showed that CB Consumer Confidence declined from 105.6 in August to 98.7 in September, compared to analyst consensus of 103.8. Today, traders also focused on the Case-Shiller Home Price Index report, which showed that home prices remained unchanged in July.

If U.S. Dollar Index declines below the 100.50 level, it will move towards the next support, which is located in the 99.55 – 99.75 range.

EUR/USD Moved Above The 1.1150 Level

EUR/USD
EUR/USD 240924 4h Chart

EUR/USD gains ground despite the disappointing Ifo Business Climate report. The report showed that Business Climate in Germany declined from 86.6 in August to 85.4 in September, compared to analyst forecast of 86.

In case EUR/USD stays above the 1.1150 level, it will head towards the resistance at 1.1185 – 1.1200.

GBP/USD Is Heading Towards 1.3400

GBP/USD
GBP/USD 240924 4h Chart

GBP/USD tests new highs as traders stay bullish. The BoE is less dovish than Fed, which is bullish for GBP/USD.

From the technical point of view, GBP/USD is heading towards the resistance at 1.3420 – 1.3440.

USD/CAD Pulls Back As Precious Metals Rally

USD/CAD
USD/CAD 240924 4h Chart

USD/CAD is trying to settle below the support at 1.3480 – 1.3500 as traders focus on the strong rally in precious metals markets. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD stays below the 1.3480 level, it will head towards the next support at 1.3360 – 1.3380.

USD/JPY Moves Lower As Traders Focus On Falling Treasury Yields

USD/JPY
USD/JPY 240924 4h Chart

USD/JPY pulls back after an unsuccessful attempt to settle above the 144.00 level. Falling Treasury yields put pressure on USD/JPY in today’s trading session.

A move below 143.00 will push USD/JPY towards the nearest support level, which is located in the 141.80 – 142.50 range.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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