U.S. Dollar Attempts To Rebound After Sell-Off: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Stabilizes After Sell-Off

U.S. Dollar Index gains ground as traders react to the better-than-expected Factory Orders report. The report indicated that Factory Orders decreased by -4.8% month-over-month in June, compared to analyst forecast of -4.9%.

If U.S. Dollar Index manages to settle above the 99.00 level, it will move towards the resistance level at 99.20 – 99.40.

EUR/USD Tests Resistance At 1.1575 – 1.1590

EUR/USD continued its attempts to settle above the resistance level at 1.1575 – 1.1590. There are no important economic reports scheduled to be released in the EU today, so traders will stay focused on general market sentiment.

A move above the 1.1590 level will push EUR/USD towards the next resistance at 1.1685 – 1.1700.

GBP/USD Tested New Highs

GBP/USD gained some ground amid lack of strong catalysts. It remains to be seen whether GBP/USD will continue the rebound, which was triggered by the disappointing U.S. Non Farm Payrolls data.

If GBP/USD settles above the 1.3300 level, it will head towards the resistance level at 1.3370 – 1.3390.

USD/CAD Is Mostly Flat As Traders Wait For Additional Catalysts

USD/CAD stabilized after the recent sell-off. Precious metals markets are moving higher, but this move does not provide sufficient support to the Canadian dollar.

In case USD/CAD climbs back above the 1.3800 level, it will head towards the resistance level at 1.3845 – 1.3860.

USD/JPY Attempts To Settle Below The Support At 147.50 – 148.00

USD/JPY moved lower as pullback continued. From the technical point of view, USD/JPY is trying to settle below the support level at 147.50 – 148.00.

RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term. If USD/JPY stays below the 147.50 level, it will head towards the recent lows near the 146.00 level.

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