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

U.S. Dollar Rebounds After Pullback

U.S. Dollar Index rebounds from session lows as traders react to rising Treasury yields. The yield of 2-year Treasuries moved towards the 4.30% level, while the yield of 10-year Treasuries tested the 4.60% level.

The nearest resistance level for U.S. Dollar Index is located in the 108.30 – 108.50 range. A move above the 108.50 level will push U.S. Dollar Index towards the 50 MA at 109.08.

EUR/USD Is Losing Ground Amid Profit-Taking

EUR/USD pulls back as traders take some profits off the table after the recent move.

In case EUR/USD pulls back below the 1.0400 level, it will move towards the support level at 1.0330 – 1.0345.

GBP/USD Is Heading Towards The 1.2300 Level

GBP/USD is losing ground as traders react to the rebound in Treasury yields. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

If GBP/USD settles back below the 1.2300 level, it will head towards the nearest support, which is located in the 1.2200 – 1.2215 range.

USD/CAD Tests 50 MA At 1.4385

USD/CAD gains ground after an unsuccessful attempt to settle below the support at 1.4330 – 1.4350.

In case USD/CAD manages to settle above the 50 MA at 1.4385, it will move towards the resistance level, which is located in the 1.4540 – 1.4560 range. On the support side, a successful test of the support at 1.4330 – 1.4350 will open the way to the test of the next support level at 1.4100 – 1.4120.

USD/JPY Is Moving Higher As Treasury Yields Rise

USD/JPY tests resistance at 156.00 – 156.50 amid rising Treasury yields. From a big picture point of view, traders have already started to prepare for the BoJ decision, which will be released on Friday.

If USD/JPY settles above the 156.50 level, it will move towards the next resistance level at 158.50 – 159.00.

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