U.S. Dollar Gains Ground As Traders Prepare For Fed Decision: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Away From Weekly Lows

U.S. Dollar Index gains ground as traders focus on rising Treasury yields ahead of the Fed Interest Rate Decision, which will be released on Wednesday.

In case U.S. Dollar Index climbs above the 50 MA at 99.24, it will head towards the next resistance level, which is located in the 100.00 – 100.15 range.

EUR/USD Retreats As Traders React To Germany’s Industrial Production Report

EUR/USD is losing ground as traders focus on the Industrial Production report from Germany. The report indicated that Industrial Production increased by 1.8% month-over-month in October, compared to analyst forecast of -0.4%.

The nearest support level for EUR/USD is located in the 1.1585 – 1.1600 range. In case EUR/USD declines below the 1.1585 level, it will head towards the next support at 1.1470 – 1.1485.

GBP/USD Pulls Back As Traders Wait For Catalysts

GBP/USD remains stuck below the strong resistance level at 1.3360 – 1.3375 as traders wait for additional catalysts.

A successful test of the resistance at 1.3360 – 1.3375 will open the way to the test of the next resistance at 1.3475 – 1.3490.

USD/CAD Attempts To Rebound As Traders Buy The Dip

USD/CAD gains some ground as traders focus on the pullback in commodity markets. Other commodity-related currencies are also losing ground in today’s trading session.

In case USD/CAD settles back above the support at 1.3815 – 1.3830, it will move towards the resistance level at 1.3885 – 1.3900.

USD/JPY Moves Higher As Japan’s GDP Growth Rate Misses Estimates

USD/JPY is moving higher, supported by rising Treasury yields. Traders also focus on the GDP Growth Rate report from Japan. The report indicated that third-quarter GDP Growth Rate was -0.6%, compared to analyst forecast of -0.5%. It remains to be seen whether BoJ will raise rates as the economy is under pressure, which is bearish for the Japanese yen.

If USD/JPY stays above the 50 MA at 155.63, it will head towards the resistance level at 158.00 – 158.50.

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