U.S. Dollar Attempts To Gain More Ground As Traders Focus On Trump’s Comments: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Is Stuck Near The 98.50 Level

U.S. Dollar Index is mostly flat as traders focus on Trump’s comments on China. U.S. President said that he wanted China to drop export control on rare earths, stop fentanyl flows and resume soybean purchases.

The nearest resistance level for U.S. Dollar Index is located in the 98.85 – 99.00 range. A move above the 99.00 level will open the way to the test of the next resistance at 100.00 – 100.15.

EUR/USD Tests The 1.1650 Level As Germany’s Producer Prices Decline

EUR/USD is flat as traders react to Germany’s Producer Prices report. The report showed that PPI decreased by -1.7% year-over-year in September, compared to analyst forecast of -1.9%.

In case EUR/USD settles below the 1.1650 level, it will head towards the 50 MA at 1.1624. A move below the 50 MA will open the way to the test of the support at 1.1585 – 1.1600.

GBP/USD Attempts To Settle Below 1.3400

GBP/USD remains stuck above the 1.3400 level as traders wait for additional catalysts.

If GBP/USD declines below 1.3400, it will gain additional downside momentum and move towards the 50 MA at 1.3372.

USD/CAD Tests The 1.4050 Level

USD/CAD gained some ground despite the rally in gold markets. Other commodity-related currencies moved higher in today’s trading session.

A move above the 1.4050 level will push USD/CAD towards the nearest resistance, which is located in the 1.4080 – 1.4095 range.

USD/JPY Is Flat As Traders Wait For Catalysts

USD/JPY remains stuck below the nearest resistance at 151.00 – 151.50 as Treasury yields move lower. The yield of 10-year Treasuries pulled back below the psychologically important 4.00% level, but this move did not put pressure on the American currency.

A successful test of the resistance at 151.00 – 151.50 will open the way to the test of the next resistance level at 154.50 – 155.00.

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