U.S. Dollar Retreats As Treasury Yields Pull Back: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Remains Under Pressure

U.S. Dollar Index pulls back as traders react to ADP Employment Change report, which indicated that private businesses added 183,000 jobs in January, compared to analyst forecast of 150,000.

In case U.S. Dollar Index settles below the 107.50 level, it will head towards the nearest support, which is located in the 106.80 – 107.00 range.

EUR/USD Tests Resistance At 1.0420 – 1.0435

EUR/USD tests resistance at 1.0420 – 1.0435 as the rebound continues. Today, traders had a chance to take a look at the Euro Area Services PMI report. The report indicated that Services PMI decreased from 51.6 in December to 51.3 in January, compared to analyst forecast of 51.4.

If EUR/USD settles above the 1.0435 level, it will head towards the next resistance level, which is located in the 1.0535 – 1.0550 range.

GBP/USD Climbed Above The 1.2500 Level

GBP/USD is moving higher despite the weaker-than-expected UK Services PMI report. The report showed that Services PMI declined from 51.1 in December to 50.8 in January, compared to analyst forecast of 51.2.

If GBP/USD stays above the 1.2500 level, it will head towards the next resistance level, which is located in the 1.2600 – 1.2615 range.

USD/CAD Pulled Back Amid Rising Demand For Commodity-Related Currencies

USD/CAD continued to move lower in today’s trading session. The strong rally in precious metals markets provided support to commodity-related currencies.

A move below the 1.4250 level will open the way to the test of the support level at 1.4180 – 1.4200.

USD/JPY Tests New Lows

USD/JPY is losing ground as traders react to the strong pullback in Treasury yields.

The nearest support level for USD/JPY is located in the 151.50 – 152.00 range. A move below the 151.50 level will open the way to the test of the next support level, which is located in the 148.50 – 149.00 range.

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