U.S. Dollar Gains Ground Ahead Of CPI Report: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Higher At The Start Of The Week

U.S. Dollar Index gains ground as demand for U.S. currency increased despite falling Treasury yields. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment.

If U.S. Dollar Index climbs above the 50 MA at 98.82, it will head towards the resistance level at 99.20 – 99.40.

EUR/USD Pulls Back As Traders Wait For U.S. Inflation Data

EUR/USD is losing ground as traders wait for U.S. inflation data, which will be released tomorrow. Analysts expect that Inflation Rate increased from 2.7% in June to 2.8% in July, while Core Inflation Rate grew from 2.9% to 3.0%.

The nearest support level for EUR/USD is located in the 1.1575 – 1.1590 range. If EUR/USD settles below this level, it will head towards the support at 1.1400 – 1.1415.

GBP/USD Retreats Amid Profit-Taking

GBP/USD pulls back as traders take some profits off the table after the strong rebound from August lows.

A move below the support at 1.3370 – 1.3390 will push GBP/USD towards the 50 MA at 1.3323.

USD/CAD Attempts To Settle Above 1.3800

USD/CAD is moving higher as traders focus on the pullback in gold and silver markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

In case USD/CAD settles above the 50 MA at 1.3782, it will head towards the resistance level at 1.3845 – 1.3860.

USD/JPY Remains Stuck Near The 148.00 Level

USD/JPY continues its attempts to settle above the nearest resistance level at 147.50 – 148.00.

A successful test of the resistance at 147.50 – 148.00 will open the way to the test of the next resistance level, which is located in the 151.00 – 151.50 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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