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

U.S. Dollar Gains Ground Ahead Of The Weekend

U.S. Dollar Index moved away from multi-week lows as traders took some profits off the table after the strong sell-off, which was triggered by Fed decision and weak job market data. 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 manages to settle back above the 98.50 level, it will head towards the nearest resistance, which is located in the 98.85 – 99.00 range.

EUR/USD Moved Away From Multi-Week Highs

EUR/USD pulled back from recent highs as traders waited for additional catalysts.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If EUR/USD stays above the resistance at 1.1715 – 1.1730, it will head towards the next resistance level at 1.1805 – 1.1820.

GBP/USD Retreats As GDP Report Missed Estimates

GBP/USD is losing ground as traders focus on the weak GDP report. The 3-month average GDP growth was -0.1% in October, compared to analyst forecast of 0%.

A move below the 50 MA at 1.3329 will push GBP/USD towards the support level, which is located in the 1.3250 – 1.3365 range.

USD/CAD Gains Ground As Commodity Markets Pull Back

USD/CAD attempts to rebound as traders focus on the pullback in commodity markets. Other commodity-related currencies are also moving lower in today’s trading session.

The nearest resistance level for USD/CAD is located in the 1.3815 – 1.3830 range. A successful test of this level will open the way to the test of the next resistance at 1.3885 – 1.3900.

USD/JPY Tested The 156.00 Level

USD/JPY gained some ground despite markets’ expectation that BoJ will raise rates next week.

In case USD/JPY stays above the 50 MA at 155.68, it will move towards recent highs near the 157.00 level.

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