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

U.S. Dollar Pulls Back At The Start Of The Week

U.S. Dollar Index is losing ground as traders focus on trade wars and evaluate the impact of new tariffs, which will be released at the start of August.

Currently, U.S. Dollar Index is trying to settle below the support at 98.00 – 98.20. In case this attempt is successful, U.S. Dollar Index will head towards the next support level, which is located in the 96.70 – 96.90 range.

EUR/USD Tests Resistance At 1.1675 – 1.1690

EUR/USD is trying to settle above the resistance level at 1.1675 – 1.1690. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

If EUR/USD stays above the 1.1690 level, it will move towards the next resistance level at 1.1815 – 1.1830.

GBP/USD Tests Weekly Highs

GBP/USD is moving higher as traders focus on general weakness of the American currency. There are no important economic reports scheduled to be released in the U.S. and UK today, so traders will stay focused on general market sentiment.

A successful test of the resistance at 1.3500 – 1.3520 will push GBP/USD towards the next resistance level at 1.3630 – 1.3650.

USD/CAD Retreats Amid Rally In Precious Metals Markets

USD/CAD pulled back as traders reacted to the strong rally in precious metals markets. Other commodity-related currencies are also moving higher in today’s trading session.

USD/CAD is heading towards the support level at 1.3650 – 1.3665. A move below the 1.3650 level will push USD/CAD towards the next support at 1.3550 – 1.3565.

USD/JPY Declines As Treasury Yields Fall

USD/JPY is losing ground as traders focus on the pullback in Treasury yields. The yield of 2-year Treasures declined below the 3.85% level, while the yield of 10-year Treasuries declined towards 4.35%.

In case USD/JPY stays below the 147.50 level, it will head towards the support at 143.50 – 144.00.

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