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

U.S. Dollar Pulled Back From Weekly Highs

U.S. Dollar Index pulls back as traders take some profits off the table after the strong rebound from yearly lows.

The nearest support level for U.S. Dollar Index is located in the 97.10 – 97.25 range. A move below the 97.10 level will open the way to the test of the next support at 96.35 – 96.50.

EUR/USD Attempts To Settle Above 1.1800

EUR/USD is moving higher as traders buy the dip in absence of economic reports. JOLTs Job Openings report was not released due to partial government shutdown.

In case EUR/USD climbs back above the resistance at 1.1835 – 1.1850, it will head towards the next resistance at 1.1900 – 1.1915.

GBP/USD Rebounds After Pullback

GBP/USD attempts to settle above the nearest resistance at 1.3710 – 1.3725 as traders focus on U.S. dollar’s pullback.

In case this attempt is successful, GBP/USD will move towards the next resistance, which is located near recent highs in the 1.3815 – 1.3830 range.

USD/CAD Moves Lower As Silver Soars 11%

USD/CAD is losing ground as precious metals markets rebound after the strong sell-off. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD settles below the 1.3650 level, it will move towards the support at 1.3575 – 1.3590.

USD/JPY Tests The 156.00 Level

USD/JPY tested new highs as rebound continued. Rising Treasury yields provide support to USD/JPY. However, it remains to be seen whether traders are ready for a test of the resistance at 158.00 – 158.50 amid intervention risks, which have triggered the recent sell-off.

In case USD/JPY manages to settle above the 156.00 level, it will head towards the 158.00 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

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