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

U.S. Dollar Index Moves Higher As Traders Prepare For FOMC Minutes

U.S. Dollar Index gained some ground as traders waited for the release of FOMC Minutes.

In case U.S. Dollar Index manages to settle above the 97.70 level, it will head towards the nearest resistance, which is located in the 98.00 – 98.20 range.

EUR/USD Is Heading Towards The Support At 1.1675 – 1.1690

EUR/USD moved lower despite the pullback in Treasury yields. The yield of 2-year Treasuries declined below the 3.88% level, while the yield of 10-year Treasuries settled below 4.37%.

A successful test of the support level at 1.1675 – 1.1690 will open the way to the test of the next support at 1.1575 – 1.1590.

GBP/USD Remains Stuck Below The 1.3600 Level

GBP/USD is mostly flat as traders wait for additional catalysts. The recent attempt to settle above the resistance at 1.3620 – 1.3640 was not successful, and GBP/USD is heading towards the 1.3550 level.

A move below 1.3550 will push GBP/USD towards the next support level at 1.3500 – 1.3520.

USD/CAD Tests New Highs

USD/CAD continues to move higher despite rising oil markets. Other commodity-related currencies are mostly flat in today’s trading session.

If USD/CAD settles above the 1.3700 level, it will head towards the resistance level at 1.3735 – 1.3750.

USD/JPY Pulls Back As Treasury Yields Fall

USD/JPY is moving lower as traders focus on falling Treasury yields. Currently, USD/JPY is trying to settle below the 146.50 level.

In case this attempt is successful, USD/JPY will head towards the 146.00 level. A move below this level will open the way to the test of the 50 MA at 144.77. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.

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