U.S. Dollar Retreats Amid Profit-Taking: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Lower At The Start Of The Week

U.S. Dollar Index is losing ground as traders take some profits off the table after the rebound from yearly lows.

The nearest support level for U.S. Dollar Index is located in the 97.10 – 97.30 range. A move below the 97.10 level will push U.S. Dollar Index towards the next support, which is located in the 96.40 – 96.55 range.

EUR/USD Tests Resistance At 1.1785 – 1.1800

EUR/USD is moving higher as traders focus on the better-than-expected Euro Area Consumer Confidence report. The report showed that Consumer Confidence improved from -15.5 in August to -14.9 in September, compared to analyst forecast of -15.3.

A successful test of the resistance level at 1.1785 – 1.1800 will push EUR/USD towards the next resistance at 1.1870 – 1.1885.

GBP/USD Gains Ground As Traders Buy The Dip

GBP/USD rebounds as traders focus on general weakness of the American currency.

If GBP/USD stays above the support at 1.3485 – 1.3500, it will head towards the 50 MA at 1.3567.

USD/CAD Tests New Highs

USD/CAD is moving higher as traders react to the pullback in oil markets. Rising precious metals markets did not provide support to the Canadian dollar in today’s trading session.

A successful test of the resistance at 1.3845 – 1.3860 will open the way to the test of the next resistance level at 1.3910 – 1.3925.

USD/JPY Is Stuck Near Key Resistance Level

USD/JPY remains stuck near the resistance level at 147.50 – 148.00 as traders ignore rising Treasury yields. At this point, USD/JPY needs additional catalysts to gain momentum in the near term.

If USD/JPY pulls back below the 147.00 level, it will head towards recent lows near the 145.50 level.

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