U.S. Dollar Moves Higher As ISM Services PMI Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Highs

U.S. Dollar Index continues to move higher as traders focus on the better-than-expected ISM Services PMI report. The report indicated that ISM Services PMI increased from 50.0 in September to 52.4 in October, compared to analyst forecast of 50.8.

In case U.S. Dollar Index manages to settle above the resistance at 100.00 – 100.15, it will move towards the next resistance level at 101.85 – 102.00.

EUR/USD Remains Under Pressure

EUR/USD is losing ground as traders focus on Factory Orders data from Germany. The report showed that Factory Orders increased by +1.1% month-over-month in September, compared to analyst forecast of +1%.

A move below the 1.1450 level will push EUR/USD towards the next support level at 1.1400 – 1.1415.

GBP/USD Is Stuck Near The Support Level At 1.3015 – 1.3030

GBP/USD continues its attempts to settle below the support at 1.3015 – 1.3030 as traders focus on general strength of the American currency.

If GBP/USD manages to settle below the 1.3015 level, it will head towards the next support, which is located in the 1.2885 – 1.2900 range.

USD/CAD Keeps Moving Higher

USD/CAD tests new highs despite the rebound in precious metals markets. Other commodity-related currencies are moving higher in today’s trading session.

From the technical point of view, USD/CAD is moving towards the resistance at 1.4150 – 1.4165. A successful test of this level will open the way to the test of the next resistance at 1.4250 – 1.4270.

USD/JPY Climbed Above The 154.00 Level

USD/JPY gains ground as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 3.60% level, while the yield of 10-year Treasuries settled above 4.15%.

The nearest resistance level for USD/JPY is located in the 154.50 – 155.00 range. In case USD/JPY climbs above the 155.00 level, it will head towards the next resistance at 158.00 – 158.50.

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