U.S. Dollar Rebounds From Weekly Lows: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground As Traders Buy The Dip

U.S. Dollar Index gains some ground as traders react to Initial Jobless Claims report. The report indicated that 226,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 221,000.

If U.S. Dollar Index climbs above the 98.50 level, it will head towards the 50 MA at 98.97. A move above the 50 MA will push U.S. Dollar Index towards the resistance at 99.20 – 99.40.

EUR/USD Retreats As Traders Take Profits After Rally

EUR/USD pulled back as traders reacted to the Industrial Production report from Germany. The report showed that Industrial Production declined by -1.9% month-over-month in June, compared to analyst consensus of -0.5%.

In case EUR/USD stays below the 1.1650 level, it will head towards the support level at 1.1575 – 1.1590.

GBP/USD Gains Ground As Traders Focus On BoE MPC Vote

GBP/USD tested new highs as traders reacted to the BoE Interest Rate Decision. The BoE cut the rate from 4.25% to 4.0%, in line with analyst estimates. Four out of nine members voted to keep the rate unchanged, which was bullish for GBP/USD.

A successful test of the resistance at 1.3370 – 1.3390 opens the way to the test of the next resistance level at 1.3485 – 1.3500.

USD/CAD Found Support Near The 1.3750 Level

USD/CAD attempts to rebound after recent pullback. Other commodity-related currencies gain some ground in today’s trading session.

If USD/CAD manages to settle above the 50 MA at 1.3781, it will move towards the resistance at 1.3845 – 1.3860.

USD/JPY Settled Below The 147.50 Level

USD/JPY remains stuck below the resistance level at 147.50 – 148.00 as traders wait for additional catalysts.

The technical picture remains unchanged as USD/JPY needs to settle above the 148.00 level to gain sustainable upside momentum in the near term.

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