U.S. Dollar Rebounds After Pullback: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tests Resistance At 98.00 – 98.20

U.S. Dollar Index is moving higher as traders shrug off worries about U.S. government shutdown.

The nearest resistance level for U.S. Dollar Index is located in the 98.00 – 98.20 range. A move above the 98.20 level will push U.S. Dollar Index towards the next resistance at 98.85 – 99.00.

EUR/USD Retreats As Euro Area Unemployment Rate Rises To 6.3%

EUR/USD pulled back as traders reacted to the Euro Area Unemployment Rate report. The report indicated that Unemployment Rate increased from 6.2% in July to 6.3% in August, compared to analyst forecast of 6.2%.

Currently, EUR/USD is trying to settle below the support at 1.1685 – 1.1700. In case this attempt is successful, EUR/USD will move towards the next support, which is located in the 1.1585 – 1.1600 range.

GBP/USD Is Losing Ground Amid Profit-Taking After Rally

GBP/USD moved lower as traders focused on general strength of the American currency.

In case GBP/USD declines below the 1.3400 level, it will move towards the next support at 1.3335 – 1.3350.

USD/CAD Tests New Highs

USD/CAD gains ground as traders focus on the strong pullback in commodity markets. Oil prices test multi-month lows, which is bearish for Canadian dollar.

If USD/CAD stays above the 1.3950, it will move towards the nearest resistance level at 1.4000 – 1.4015.

USD/JPY Attempts To Settle Back Above 147.50

USD/JPY gained some ground as traders focused on the Consumer Confidence report from Japan. The report showed that Consumer Confidence increased from 34.9 in August to 35.3 in September, compared to analyst consensus of 35.2.

The nearest resistance level for USD/JPY is located in the 147.50 – 148.00 range. In case USD/JPY climbs above the 148.00 level, it will head towards recent highs near the 150.00 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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