U.S. Dollar Moves Higher As Initial Jobless Claims Fall: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tests New Highs

U.S. Dollar Index gains ground as traders focus on the Initial Jobless Claims report. The report showed that 227,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 235,000.

A successful test of the nearest resistance level at 98.00 – 98.20 will push U.S. Dollar Index towards the next resistance, which is located in the 99.20 – 99.40 range.

EUR/USD Remains Under Pressure

EUR/USD tests new lows as pullback continues. Currently, EUR/USD is trying to settle below the support at 1.1675 – 1.1690.

In case this attempt is successful, EUR/USD will move towards the next support level at 1.1575 – 1.1590.

GBP/USD Moved Lower Amid Lack Of Positive Catalysts

GBP/USD pulled back as traders focused on general strength of the U.S. dollar. However, GBP/USD did not manage to settle below the 1.3530 level and climbed back above the 1.3550 level.

If GBP/USD stays above 1.3550, it will move towards the resistance at 1.3620 – 1.3640. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

USD/CAD Tested The 1.3700 Level

USD/CAD is mostly flat despite the pullback in the oil markets. Other commodity-related currencies are moving higher in today’s trading session.

The nearest support level for USD/CAD is located in the 1.3650 – 1.3665 range. A move below the 1.3650 level will open the way to the test of the next support at 1.3550 – 1.3565.

USD/JPY Gains Ground As Treasury Yields Rise

USD/JPY is moving higher as Treasury yields rebound after yesterday’s pullback. The yield of 2-year Treasuries climbed above the 3.88% level, while the yield of 10-year Treasuries settled above 4.36%.

In case USD/JPY stays above the 146.00 level, it will head towards the resistance at 147.50 – 148.00.

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