U.S. Dollar Gains Ground As Traders Focus On Trump’s Battle Against The Fed: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground Despite Worries About Fed Independence

U.S. Dollar Index gains ground as traders stay focused on President Trump’s attempt to fire Fed’s Cook, who refused to resign.

In case U.S. Dollar Index manages to settle above the 98.50 level, it will head towards the nearest resistance level, which is located in the 99.20 – 99.40 range.

EUR/USD Tests Support At 1.1575 – 1.1590

EUR/USD pulled back as traders reacted to GfK Consumer Confidence report from Germany. The report indicated that Consumer Confidence decreased from -21.7 in August to -23.6 in September, compared to analyst forecast of -22.

Currently, EUR/USD is trying to settle below the support at 1.1575 – 1.1590. In case this attempt is successful, EUR/USD will move towards the next support level at 1.1400 – 1.1415.

GBP/USD Rebounds From Session Lows

GBP/USD rebounded from session lows and is moving towards the nearest resistance level at 1.3485 – 1.3500.

If GBP.USD climbs back above the 1.3500 level, it will head towards the next resistance at August highs at 1.3580 – 1.3595.

USD/CAD Failed To Settle Above 1.3860

USD/CAD faced strong resistance in the 1.3845 – 1.3860 range and pulled back towards the 1.3820 level. Other commodity-related currencies were mixed in today’s trading session.

A move below 1.3820 will open the way to the test of the support level at 1.3735 – 1.3750.

USD/JPY Is Stuck Near The 148.00 Level

USD/JPY is trying to settle back above the resistance at 147.50 – 148.00 as traders focused on general strength of the American currency.

The resistance at 147.50 – 148.00 has been tested many times and proved its strength. From the technical point of view, USD/JPY needs to settle above the 148.00 level to have a chance to gain sustainable upside momentum. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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