EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat Amid Lack Of Catalysts

U.S. Dollar

U.S. Dollar Index is mosty flat as traders wait for catalysts. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment.

In case U.S. Dollar Index settles below the 105.00 level, it will move towards the nearest support, which is located in the 104.40 – 104.60 range.

EUR/USD

EUR/USD is moving higher as traders react to the final reading of the Euro Area Services PMI report. The report indicated that Services PMI increased from 51.5 in March to 53.3 in April, compared to analyst consensus of 52.9.

The nearest resistance level for EUR/USD is located in the 1.0785 – 1.0800 range. In case EUR/USD settles above 1.0800, it will head towards the next resistance at 1.0870 – 1.0885.

GBP/USD

GBP/USD moved higher as traders focused on the pullback in Treasury yields. The yield of 2-year Treasuries settled near the 4.80% level, while the yield of 10-year Treasuries pulled back towards 4.50%.

If GBP/USD manages to climb above the 1.2600 level, it will head towards the nearest resistance, which is located in the 1.2670 – 1.2700 range.

USD/CAD

USD/CAD is losing ground as demand for commodity-related currencies is rising. Precious metals and energy markets are moving higher in today’s trading session, which is bullish for the Canadian dollar.

The nearest support level for USD/CAD is located in the 1.3600 – 1.3620 range. A move below 1.3600 will push USD/CAD towards the next support at 1.3480 – 1.3500.

USD/JPY

USD/JPY continues to rebound after the strong sell-off, which was triggered by BoJ interventions.

From the technical point of view, USD/JPY is moving towards the resistance at 154.50 – 155.00. In case USD/JPY settles above the 155.00 level, it will gain additional upside momentum and move towards the next resistance at 158.00 – 158.50.

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