U.S. Dollar Rebounds From Session Lows As Traders Focus On U.S. – Switzerland Deal: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moved Away From Weekly Lows

U.S. Dollar Index rebounded from session lows as U.S. agreed to lower tariffs on goods from Switzerland from 39% to 15%.

In case U.S. Dollar Index settles above the 99.40 level, it will head towards the 50 MA at 99.65. A move above the 50 MA will push U.S. Dollar Index towards the resistance at 100.00 – 100.15.

EUR/USD Pulls Back Ahead Of The Weekend

EUR/USD failed to settle above the resistance at 1.1655 – 1.1670 and pulled back towards the nearest support level, which is located in the 1.1585 – 1.1600 range.

RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

GBP/USD Is Volatile As Traders Weigh Recent News On UK Budget Plans

GBP/USD remains stuck near the resistance level at 1.3145 – 1.3160 as traders wait for the details on UK budget. Rachel Reeves decided against raising income tax rates due to encouraging economic forecasts.

In case GBP/USD manages to settle above the 1.3160 level, it will head towards the resistance level at 1.3250 – 1.3265.

USD/CAD Pulls Back As Oil Markets Rally

USD/CAD is losing ground as traders focus on the rally in the oil markets. Other commodity-related currencies have also managed to gain ground in today’s trading session despite the sell-off in precious metals markets.

In case USD/CAD settles below the 1.4020 level, it will head towards the nearest support at 1.3975 – 1.3990.

USD/JPY Tests Resistance At 154.50 – 155.00

USD/JPY continues its attempts to settle above the resistance at 154.50 – 155.00 as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 3.60% level, while the yield of 10-year Treasuries settled above 4.13%.

A successful test of the resistance at 154.50 – 155.00 will open the way to the test of the next resistance level at 158.00 – 158.50.

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