U.S. Dollar Tests Multi-Week Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Stays Strong As Traders React To Economic Reports

U.S. Dollar Index is moving higher as traders focus on JOLTs Job Openings report. The report indicated that JOLTs Job Openings decreased from 7.712 million in May to 7.437 million in June, compared to analyst consensus of 7.55 million.

The nearest resistance level for U.S. Dollar Index is located in the 99.20 – 99.40 range. A move above the 99.40 level will push U.S. Dollar Index towards the next resistance at 100.40 – 100.55.

EUR/USD Tests New Lows As Traders Worry That Tariffs Will Hurt The European Economy

EUR/USD remains under pressure as traders stay focused on the recent U.S. – EU trade deal and bet that the deal will put pressure on the European economy.

If EUR/USD stays below the 1.1550 level, it will head towards the support level at 1.1450 – 1.1465.

GBP/USD Attempts To Rebound After Strong Pullback

GBP/USD tested new lows but lost momentum and rebounded towards the 1.3330 level.

In case GBP/USD manages to settle above 1.3330, it will head towards the nearest resistance at 1.3370 – 1.3390.

USD/CAD Gains Ground As Demand For Commodity-Related Currencies Falls

USD/CAD tested new highs despite the continuation of the rally in the oil markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

If USD/CAD settles above the resistance level at 1.3735 – 1.3750, it will head towards the next resistance, which is located in the 1.3845 – 1.3860 range.

USD/JPY Remains Stuck Near The 148.50 Level

USD/JPY continued its attempts to settle above the 148.50 level as traders focused on general strength of the American currency and ignored falling Treasury yields.

In case USD/JPY manages to settle above 148.50, it will head towards the next resistance level at 151.00 – 151.50.

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