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

By:
Vladimir Zernov
Published: Jul 10, 2025, 16:53 GMT+00:00

Key Points:

  • EUR/USD moved below the 1.1700 level as pullback continued.
  • USD/CAD was mostly flat as traders ignored the pullback in the oil markets.
  • USD/JPY gained some ground amid rising Treasury yields.
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

U.S. Dollar Index Tests New Highs

DXY
DXY 100725 4h Chart

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
EUR/USD 100725 4h Chart

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
GBP/USD 100725 4h Chart

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
USD/CAD 100725 4h Chart

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
USD/JPY 100725 4h Chart

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.

About the Author

Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.

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