U.S. Dollar Is Losing Ground Despite Rising Treasury Yields: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tested Support At 100.20 – 100.40

U.S. Dollar Index is losing some ground as traders wait for additional catalysts. Treasury yields are moving higher, but this move does not provide support to the American currency. The yield of 2-year Treasuries climbed towards the 4.05% level, while the yield of 10-year Treasuries settled above 4.50%.

In case U.S. Dollar Index climbs back above the 101.00 level, it will head towards the resistance level at 101.40 – 101.60.

EUR/USD Pulled Back From Session Highs

EUR/USD moved away from recent highs as traders took some profits off the table after the rebound.

If EUR/USD settles back below the 1.1200 level, it will head towards the support level, which is located in the 1.1110 – 1.1130 range.

GBP/USD Moved Back Below The 1.3300 Level

GBP/USD made an attempt to settle above the resistance level at 1.3300 – 1.3320 but lost momentum and pulled back towards the 50 MA at 1.3286.

If GBP/USD declines below the 50 MA, it will head towards the support level at 1.3200 – 1.3220. On the upside, a move above the 1.3320 level will push GBP/USD towards the resistance level at 1.3420 – 1.3440.

USD/CAD Gained Ground As Precious Metals Markets Pulled Back

USD/CAD is moving higher as traders react to the strong pullback in precious metals markets.

A move above the 1.4000 level will open the way to the test of the resistance at 1.4060 – 1.4080. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

USD/JPY Tested The 146.00 Level

USD/JPY pulled back despite rising Treasury yields. From the technical point of view, USD/JPY faced strong resistance in the 147.50 – 148.00 range and is moving towards the 50 MA at 145.25.

If USD/JPY declines below the 50 MA, it will head towards the nearest support level at 143.50 – 144.00.

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