U.S. Dollar Pulls Back From Weekly Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Under Pressure

U.S. Dollar Index is losing some ground as traders wait for additional catalysts amid trade war uncertainty.

In case U.S. Dollar Index settles below the 50 MA at 98.78, it will head towards the support level, which is located in the 98.00 – 98.20 range.

EUR/USD Rebounds From Weekly Lows

EUR/USD found support in the 1.1585 – 1.1600 range and climbed towards the 50 MA at 1.1627.

If EUR/USD settles above the 50 MA, it will head towards the resistance level at 1.1685 – 1.1700.

GBP/USD Is Volatile As Traders Focus On UK Inflation Reports

GBP/USD gained some ground as traders focused on inflation data from the UK. Inflation Rate remained unchanged at 3.8% in September, compared to analyst forecast of 4%. Core Inflation Rate decreased from 3.6% to 3.5%, while analysts expected that it would increase to 3.7%.

A move above the 1.3400 level will open the way to the test of the resistance level at 1.3485 – 1.3500.

USD/CAD Retreats As Oil Markets Rebound

USD/CAD pulled back as traders focused on the rebound in the oil markets. Other commodity-related currencies managed to gain some ground in today’s trading session.

A successful test of the support at 1.4000 – 1.4015 will push USD/CAD towards the next support level at 1.3910 – 1.3925.

USD/JPY Is Stuck In A Range As Traders Wait For Additional Catalysts

USD/JPY settled in a tight range above the resistance level at 151.00 – 151.50 as traders reacted to the Exports report from Japan. The report showed that Japan’s Exports increased by +4.2% year-over-year in September, compared to analyst forecast of +4.6%. Treasury yields were mostly flat and had no impact on USD/JPY dynamics.

If USD/JPY climbs above the 152.00 level, it will head towards the resistance level at 154.50 – 155.00.

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