U.S. Dollar Retreats As Demand For Safe-Haven Assets Falls: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Losing Ground At The Start Of The Week

U.S. Dollar Index is trying to settle below the support at 98.00 – 98.20 as traders stay focused on the situation in the Middle East. Today, traders also had a chance to take a look at NY Empire State Manufacturing Index, report, which showed that NY Empire State Manufacturing Index decreased from -9.20 in May to -16.0 in June.

If U.S. Dollar Index stays below the 98.00 level, it will move towards the next support level, which is located in the 96.70 – 96.90 range.

EUR/USD Attempts To Settle Above 1.1600

EUR/USD is trying to settle above the resistance at 1.1555 – 1.1570 as demand for safe-haven assets declined despite rising tensions in the Middle East. From a big picture point of view, forex traders have mostly ignored the conflict between Israel and Iran.

In case EUR/USD manages to settle above the 1.1570 level, it will head towards the next resistance level, which is located in the 1.1685 – 1.1700 range.

GBP/USD Gains Ground As Traders Stay Bullish

GBP/USD tests resistance at 1.3620 – 1.3640 as traders focus on general weakness of the American currency.

A successful test of the resistance at 1.3620 – 1.3640 will open the way to the test of the next resistance level at 1.3735 – 1.3750.

USD/CAD Tests New Lows

USD/CAD remains under pressure amid rising demand for commodity-related currencies. The pullback in the oil markets did not put pressure on the Canadian dollar.

A move below the 1.3550 level will push USD/CAD towards the next support level at 1.3420 – 1.3440.

USD/JPY Is Flat As Traders Prepare For BoJ Decision

USD/JPY is mostly flat as traders wait for BoJ Interest Rate Decision, which will be released tomorrow.

If USD/JPY pulls back below the support at 143.50 – 144.00, it will head towards the next support level at 140.00 – 140.50.

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