U.S. Dollar Pulls Back As ISM Services PMI Drops To 50.0: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Losing Ground As ISM Services PMI Misses Estimates

U.S. Dollar Index pulled back as traders remained in the dark in absence of the Non Farm Payrolls report, which was delayed due to U.S. government shutdown. However, traders had a chance to take a look at the ISM Services PMI report. The report showed that ISM Services PMI declined from 52.0 in August to 50.0 in September, compared to analyst forecast of 51.7.

In case U.S. Dollar Index manages to settle below the 97.50 level, it will head towards the nearest support, which is located in the 97.10 – 97.30 range.

EUR/USD Remains Stuck Below 1.1750

EUR/USD gained some ground as traders reacted to the weaker-than-expected ISM Services PMI report.

A move above the 1.1750 level will push EUR/USD towards the nearest resistance at 1.1785 – 1.1800.

GBP/USD Tests Resistance At 1.3485 – 1.3500

GBP/USD gained upside momentum and is trying to settle above the resistance at 1.3485 – 1.3500.

In case this attempt is successful, GBP/USD will head towards the next resistance level, which is located in the 1.3585 – 1.3600 range.

USD/CAD Retreats As Precious Metals Rally

USD/CAD pulled back as traders focused on the rally in precious metals markets. Other commodity-related currencies have also moved higher in today’s trading session.

The nearest support level for USD/CAD is located in the 1.3910 – 1.3925 range. A successful test of this level will push USD/CAD towards the next support at 1.3845 – 1.3860.

USD/JPY Moves Higher As Treasury Yields Rise

USD/JPY continues its attempts to settle above the resistance at 147.50 – 148.00 as traders focus on rising Treasury yields.

If USD/JPY climbs above the 148.00 level, it will gain additional momentum and head towards the 150.00 level.

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