U.S. Dollar Gains Ground As CB Consumer Confidence Jumps To 91.2: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tests Resistance At 98.00 – 98.15

U.S. Dollar Index gained some ground as traders focused on the CB Consumer Confidence report for February. The report indicated that CB Consumer Confidence increased from 84.5 in January to 91.2 in February, compared to analyst forecast of 87. According to the report, concerns about prices and inflation remained on top of consumers’ minds.

Today, traders also had a chance to take a look at the S&P/Case-Shiller Home Price Index report for December. The report showed that home prices increased by +1.4% year-over-year, in line with analyst estimates.

U.S. Dollar Index has recently made an attempt to settle above the resistance at 98.00 – 98.15 but lost momentum and pulled back. In case U.S. Dollar Index manages to settle above the 98.15 level, it will head towards the next resistance at 98.90 – 99.05.

EUR/USD Is Stuck Near Key Support Level

EUR/USD continues its attempts to settle below the support level at 1.1770 – 1.1785 as traders focus on U.S. economic data. Traders also focus on the tariff issue after the recent Supreme Court decision, which ruled that Trump’s tariffs were illegal.

The global 10% import tax has been signed last Friday, and markets wait when U.S. President raises the global tariff rate to 15%.

A successful test of the support at 1.1770 – 1.1785 will open the way to the test of the next support at 1.1670 – 1.1685. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

GBP/USD Gains Ground As Traders React To U.S. Economic Reports

GBP/USD received strong support in the 1.3485 – 1.3500 area and is trying to settle above the 1.3530 level.

In case this attempt is successful, GBP/USD will get to the test of the 50 MA at 1.3574. A move above the 50 MA will push GBP/USD towards the nearest resistance at 1.3565 – 1.3580.

On the support side, GBP/USD needs to settle below the 1.3485 level to gain downside momentum in the near term. If GBP/USD manages to settle below 1.3485, it will head towards the next support at 1.3400 – 1.3415.

USD/CAD Moves Higher As Gold Pulls Back

USD/CAD tested new highs as traders focused on the pullback in precious metals markets. Gold declined below the $5150 level, while silver pulled back towards $87.50. Natural gas and oil markets have also found themselves under pressure.

Interestingly, other commodity-related currencies have managed to gain ground in today’s trading session.

From a big picture point of view, USD/CAD continues to recover from yearly lows despite the general bullish trend in precious metals markets.

The nearest significant level for USD/CAD is located in the 1.3725 – 1.3740 range. If USD/CAD climbs above the 1.3740 level, it will move towards the next resistance at 1.3835 – 1.3850.

USD/JPY Tests New Highs

USD/JPY moved higher as traders focused on U.S. Consumer Confidence data and bet on dovish BoJ.

The dovish BoJ policy outlook remains the key negative catalyst for the Japanese yen. Meanwhile, intervention risks limit gains.

USD/JPY moved above the resistance at 154.50 – 155.00 and is trying to settle above the 156.00 level. If USD/JPY manages to settle above 156.00, it will head towards the next resistance level, which is located in the 158.00 – 158.50 range. Traders will be cautious if USD/JPY approaches the 158.00 level as BoJ could signal that it is ready to protect the yen.

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