U.S. Dollar Rallies Ahead Of Fed Decision: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Highs Ahead Of Fed Decision

U.S. Dollar Index gains ground as traders focus on the better-than-expected GDP Growth Rate report. The report indicated that GDP Growth Rate was 3.0% in the second quarter, compared to analyst consensus of 2.4%.

Currently, U.S. Dollar Index is trying to settle above the resistance at 99.20 – 99.40. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance at 100.40 – 100.60.

EUR/USD Tests Support At 1.1450 – 1.1465

EUR/USD tests new lows despite the stronger-than-expected Euro Area GDP Growth Rate report. The report showed that GDP Growth Rate was 1.4% in the second quarter, compared to analyst consensus of 1.2%.

A successful test of the support level at 1.1450 – 1.1465 will push EUR/USD towards the next support at 1.1350 – 1.1365.

GBP/USD Tests New Lows As Traders Prepare For Fed Decision

GBP/USD is losing ground as traders focus on GDP data from the U.S. and prepare for Fed decision.

A move below the support at 1.3250 – 1.3270 will open the way to the test of the next support level at 1.3140 – 1.3160.

USD/CAD Gains Ground After BoC Decision

USD/CAD tested new highs as traders reacted to BoC decision. The Bank of Canada left the rate unchanged at 2.75%, in line with analyst estimates.

In case USD/CAD stays above the 1.3800 level, it will head towards the nearest resistance level, which is located in the 1.3845 – 1.3860 range.

USD/JPY Is Moving Higher As Treasury Yields Rise

USD/JPY climbed towards the 149.00 level as traders focused on rising Treasury yields and bet on hawkish Fed ahead of the Fed decision.

A move above the 149.00 level will push USD/JPY towards the resistance at 151.00 – 151.50. RSI remains in the moderate territory, and there is enough room to gain momentum in the near term.

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