U.S. Dollar Pulls Back As CB Consumer Confidence Drops To 94.6: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Remains Stuck Below Resistance At 98.85 – 99.00

U.S. Dollar Index is losing some ground as traders react to CB Consumer Confidence report. The report indicated that CB Consumer Confidence decreased from 95.6 (revised from 94.2) in September to 94.6 in October, compared to analyst consensus of 93.2.

In case U.S. Dollar Index pulls back below the 98.50 level, it will head towards the nearest support, which is located in the 98.00 – 98.20 range.

EUR/USD Attempts To Settle Above 1.1650

EUR/USD is moving higher despite the weaker-than-expected GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence declined from -22.5 (revised from -22.3) in October to -24.1 in November, compared to analyst consensus of -22.

The nearest resistance level for EUR/USD is located in the 1.1685 – 1.1700 range. If EUR/USD settles above 1.1700, it will head towards the next resistance at 1.1765 – 1.1780.

GBP/USD Tests Support At 1.3235 – 1.3250

GBP/USD made an attempt to settle below the support at 1.3235 – 1.3250 but lost momentum and rebounded towards the 1.3280 level.

A move below the 1.3235 level will push GBP/USD towards the next support level at 1.3145 – 1.3160.

USD/CAD Retreats As Traders Bet On U.S. – China Trade Deal

USD/CAD is under pressure as traders bet that U.S. – China will reach a trade deal, which will be bullish for commodity-related currencies.

A successful test of the support at 1.3910 – 1.3925 will push USD/CAD towards the next support level at 1.3820 – 1.3835.

USD/JPY Moved Away From Weekly Highs

USD/JPY pulled back towards the 152.00 level after an unsuccessful attempt to settle above 153.00.

The nearest support level for USD/JPY is located in the 151.00 – 151.50 range. In case USD/JPY manages to settle below the 151.00 level, it will head towards the next support at 147.50 – 148.00. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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