U.S. Dollar Is Losing Ground: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Retreats After CB Consumer Confidence Report

U.S. Dollar Index pulled back as traders reacted to the weaker-than-expected CB Consumer Confidence report. The report showed that CB Consumer Confidence declined from 105.6 in August to 98.7 in September, compared to analyst consensus of 103.8. Today, traders also focused on the Case-Shiller Home Price Index report, which showed that home prices remained unchanged in July.

If U.S. Dollar Index declines below the 100.50 level, it will move towards the next support, which is located in the 99.55 – 99.75 range.

EUR/USD Moved Above The 1.1150 Level

EUR/USD gains ground despite the disappointing Ifo Business Climate report. The report showed that Business Climate in Germany declined from 86.6 in August to 85.4 in September, compared to analyst forecast of 86.

In case EUR/USD stays above the 1.1150 level, it will head towards the resistance at 1.1185 – 1.1200.

GBP/USD Is Heading Towards 1.3400

GBP/USD tests new highs as traders stay bullish. The BoE is less dovish than Fed, which is bullish for GBP/USD.

From the technical point of view, GBP/USD is heading towards the resistance at 1.3420 – 1.3440.

USD/CAD Pulls Back As Precious Metals Rally

USD/CAD is trying to settle below the support at 1.3480 – 1.3500 as traders focus on the strong rally in precious metals markets. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD stays below the 1.3480 level, it will head towards the next support at 1.3360 – 1.3380.

USD/JPY Moves Lower As Traders Focus On Falling Treasury Yields

USD/JPY pulls back after an unsuccessful attempt to settle above the 144.00 level. Falling Treasury yields put pressure on USD/JPY in today’s trading session.

A move below 143.00 will push USD/JPY towards the nearest support level, which is located in the 141.80 – 142.50 range.

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