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

U.S. Dollar Tests New Highs

U.S. Dollar Index is moving higher as traders prepare for FOMC Minutes, which will be released soon.

If U.S. Dollar Index climbs above the 100.00 level, it will move towards the resistance level at 100.20 – 100.40.

EUR/USD Tests Support At 1.1275 – 1.1290

EUR/USD is losing ground as traders react to Unemployment Rate report from Germany. The report indicated that Germany’s Unemployment Rate remained unchanged at 6.3% in May, in line with analyst estimates.

Currently, EUR/USD is trying to settle below the support at 1.1275 – 1.1290. In case this attempt is successful, EUR/USD will move towards the next support level, which is located in the 1.1120 – 1.1140 range.

GBP/USD Remains Under Pressure

GBP/USD is also moving lower as traders focus on general strength of the U.S. dollar.

The nearest support level for GBP/USD is located in the 1.3420 – 1.3440 range. A move below the 1.3420 level will push GBP/USD towards the next support at 1.3250 – 1.3270. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

USD/CAD Is Swinging Between Gains And Losses

USD/CAD continues its attempts to settle above the nearest resistance level at 1.3800 – 1.3820. Other commodity-related currencies are swinging between gains and losses in today’s trading session.

In case USD/CAD climbs above the 50 MA at 1.3848, it will head towards the resistance level at 1.3930 – 1.3950.

USD/JPY Gains Ground As Treasury Yields Rise

USD/JPY tests new highs as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 4.00% level, while the yield of 10-year Treasuries settled near the 4.50% level.

If USD/JPY settles above the 145.00 level, it will head towards the 146.00 level. A move above 146.00 will open the way to the test of the resistance at 147.50 – 148.00.

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