U.S. Dollar Tries To Rebound Despite Weak Job Market Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Continues Its Attempts To Rebound From Yearly Lows

U.S. Dollar Index gains ground as traders react to the weaker-than-expected ADP Employment Change report. The report showed that private businesses cut 33,000 jobs in June, while analysts expected that they would add 95,000 jobs.

If U.S. Dollar Index moves above the 97.00 level, it will head towards the 50 MA at 97.54.

EUR/USD Is Trying To Climb Above 1.1800

EUR/USD remains stuck below the resistance at 1.1785 – 1.1800 as traders focus on the Euro Area Unemployment Rate report. The report indicated that Euro Area Unemployment Rate increased from 6.2% in April to 6.3% in May, compared to analyst forecast of 6.2%.

If EUR/USD manages to settle above the 1.1800 level, it will head towards the next resistance level, which is located in the 1.1895 – 1.1910 range.

GBP/USD Suffered A Strong Sell-Off

GBP/USD pulled back as traders reacted to political uncertainty in the UK. Recent reports indicated that Chancellor of the Exchequer Rachel Reeves may leave, raising worries about financial situation in the UK.

Currently, GBP/USD is trying to settle below the support level at 1.3620 – 1.3640. In case GBP/USD manages to settle below 1.3620, it will move towards the next support at 1.3500 – 1.3520.

USD/CAD Tests The 1.3600 Level

USD/CAD is losing ground as traders focus on the rally in the oil markets. Rising precious metals markets provide additional support to Canadian dollar.

If USD/CAD settles below the 1.3600 level, it will head towards the nearest support level, which is located in the 1.3550 – 1.3565 range.

USD/JPY Is Moving Higher Amid Rising Treasury Yields

USD/JPY is trying to settle back above the resistance at 143.50 – 144.00 as Treasury yields rise.

A successful test of the 144.00 level will push USD/JPY towards the 50 MA at 144.73. If USD/JPY climbs above the 50 MA, it will head towards the 146.00 level.

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