U.S. Dollar Is Under Pressure: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Remains Under Pressure As Traders Focus On Economic Data

U.S. Dollar Index is losing ground despite the higher-than-expected Core PCE Price Index report. The report indicated that Core PCE Price Index increased by +0.2% month-over-month in May, compared to analyst forecast of +0.1%. Weaker-than-expected Personal Income and Personal Spending reports put pressure on the American currency.

If U.S. Dollar Index declines below the nearest support level at 96.70 – 96.90, it will head towards the next support at 95.40 – 95.60.

EUR/USD Tested New Highs

EUR/USD gained some ground as traders ignored the weaker-than-expected Euro Area Economic Sentiment report. The report showed that Economic Sentiment decreased from 94.8 in May to 94.0 in June, compared to analyst forecast of 95.1.

In case EUR/USD settles above the 1.1750 level, it will move towards the resistance at 1.1785 – 1.1800. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.

GBP/USD Attempts To Settle Above 1.3750

GBP/USD continues its attempts to settle above the strong resistance level at 1.3730 – 1.3750.

If GBP/USD fails to settle above the 1.3750, it will gain downside momentum and move towards the support level at 1.3620 – 1.3640.

USD/CAD Rebounds As Precious Metals Markets Suffer A Sell-Off

USD/CAD is moving higher as traders react to the strong pullback in precious metals markets. Other commodity-related currencies are swinging between gains and losses in today’s trading session.

A move above the 1.3665 level will push USD/CAD towards the 50 MA at 1.3698. In case USD/CAD climbs above the 50 MA, it will head towards the resistance at 1.3725 – 1.3740.

USD/JPY Gained Some Ground Ahead Of The Weekend

USD/JPY made an attempt to gain upside momentum as Treasury yields moved away from recent lows.

In case USD/JPY manages to settle above the 50 MA at 145.25, it will move towards the 146.00 level.

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