U.S. Dollar Rebounds From Session Lows: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Away From Session Lows

U.S. Dollar Index moved away from session lows as traders reacted to the Dallas Fed Manufacturing Index report. The report indicated that Dallas Fed Manufacturing Index increased from -3.0 in October to -2.7 in November, compared to analyst forecast of -2.4.

In case U.S. Dollar Index climbs back above the resistance at 107.10 – 107.30, it will move towards the next resistance level at 108.70 – 108.90.

EUR/USD Faced Resistance At 1.0525 – 1.0540

EUR/USD pulled back from session highs after an unsuccessful attempt to settle above the resistance at 1.0525 – 1.0540. Today, traders focused on the Ifo Business Climate report from Germany. The report showed that Business Climate decreased from 86.5 in October to 85.7 in November, compared to analyst consensus of 86.

In case EUR/USD declines below the support at 1.0435 – 1.0450, it will move towards the next support level at 1.0300 – 1.0320.

GBP/USD Pulled Back Towards 1.2550

GBP/USD did not manage to settle above the resistance at 1.2575 – 1.2590 and is heading towards the nearest support at 1.2510 – 1.2525.

A move below the 1.2510 level will open the way to the test of the next support at 1.2435 – 1.2450.

USD/CAD Gains Ground As Traders React To The Sell-Off In Precious Metals Markets

USD/CAD gains ground as traders focus on the strong pullback in precious metals markets.

If USD/CAD settles above the 50 MA at 1.4002, it will head towards the next resistance level at 1.4100 – 1.4120. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.

USD/JPY Stays Range-Bound

USD/JPY is losing some ground as traders focus on the strong pullback in Treasury yields.

The technical picture remains unchanged as USD/JPY is range-bound. If USD/JPY moves above the resistance at 155.00 – 155.50, it will head towards the next resistance level at 157.50 – 158.00.

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