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

U.S. Dollar Remains Under Pressure

U.S. Dollar Index is losing ground as traders worry about the situation in the labor market. According to National Economic Council Director Kevin Hassett, the October jobs report will be released without the Unemployment Rate data.

The nearest support level for U.S. Dollar Index is located in the 98.85 – 99.00 range. In case U.S. Dollar Index manages to settle below the 98.85 level, it will head towards the next support at 98.00 – 98.15.

EUR/USD Tests New Highs

EUR/USD is moving higher despite the disappointing Euro Area Industrial Production report. The report showed that Euro Area Industrial Production increased by +0.2% month-over-month in September, compared to analyst forecast of +0.7%.

A successful test of the resistance at 1.1655 – 1.1670 will open the way to the test of the next resistance level at 1.1760 – 1.1775.

GBP/USD Attempts To Settle Above The 1.3200 Level

GBP/USD gains ground as traders react to the third-quarter GDP Growth Rate report from the UK. The report indicated that GDP Growth Rate declined from 1.4% to 1.3%, compared to analyst consensus of 1.4%.

GBP/USD moved above the resistance at 1.3145 – 1.3160 and is trying to settle above the 1.3200 level. In case this attempt is successful, GBP/USD will head towards the next resistance, which is located in the 1.3250 – 1.3265 range.

USD/CAD Tests Support At 1.3975 – 1.3990

USD/CAD made an attempt to settle below the support at 1.3975 – 1.3990 but lost momentum and rebounded above the 1.4000 level.

If USD/CAD settles below the 1.3975 level, it will head towards the support level at 1.3885 – 1.3900.

USD/JPY Moves Lower Despite Rising Treasury Yields

USD/JPY pulled back as traders ignored rising Treasury yields and focused on general weakness of the American currency.

In case USD/JPY settles below the 50 MA at 153.96, it will head towards the 153.00 level.

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