EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Remains Under Pressure

U.S. Dollar

U.S. Dollar Index remains under pressure as the pullback continues. Today, traders focused on the Initial Jobless Claims report, which showed that Initial Jobless Claims increased from 212,000 to 221,000.

In case U.S. Dollar Index settles below the 104.00 level, it will move towards the next support, which is located in the 103.50 – 103.75 range.

EUR/USD

EUR/USD gains ground as traders react to the better-than-expected Euro Area Services PMI report. The report indicated that Euro Area Services PMI increased from 50.2 in February to 51.5 in March, compared to analyst consensus of 51.1.

EUR/USD is heading towards the nearest resistance at 1.0900 – 1.0920. RSI has recently moved into the overbought territory, so the risks of a pullback are increasing.

GBP/USD

GBP/USD tests resistance at 1.2650 – 1.2685 as the rebound continues. UK Services PMI missed analyst expectations but did not put any pressure on the British pound.

A successful test of the resistance at 1.2650 – 1.2685 will open the way to the test of the next resistance level at 1.2800 – 1.2825.

USD/CAD

USD/CAD is losing ground as traders ignore the pullback in the oil markets and focus on general weakness of the American currency.

If USD/CAD manages to settle below the support at 1.3480 – 1.3500, it will head towards the next support level, which is located in the 1.3380 – 1.3410 range.

USD/JPY

USD/JPY remains stuck near the key 152.00 level. The yen remains fundamentally weak due to the ultra-dovish policy of the BoJ. However, USD/JPY bulls are worried that BoJ will intervene to protect the yen in case USD/JPY settles above the key 152.00 level.

The technical picture is bullish. RSI is in the moderate territory, and there is plenty of room to gain momentum. A successful test of the 152.00 level will likely trigger a strong rally if BoJ fails to support the yen.

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