U.S. Dollar Moves Higher As Traders Focus On Middle East Conflict: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground As Traders Stay Focused On Israel – Iran Conflict

U.S. Dollar Index moves higher as traders focus on Middle East tensions in absence of economic reports. Yesterday’s comments from Fed Chair Powell also provide some support to the American currency.

Currently, U.S. Dollar Index is trying to settle above the resistance level at 99.00 – 99.20. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance level at 100.20 – 100.40.

EUR/USD Is Under Pressure After Yesterday’s Fed Decision

EUR/USD is losing ground as traders focus on general strength of the U.S. dollar and react to yesterday’s Fed decision.

If EUR/USD declines below the nearest support level at 1.1410 – 1.1425, it will head towards the next support at 1.1285 – 1.1300. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

GBP/USD Is Mostly Flat After BoE Interest Rate Decision

GBP/USD continues its attempts to settle below the support level at 1.3420 – 1.3440 as traders react to BoE Interest Rate Decision. The BoE left the interest rate unchanged at 4.25%, in line with analyst forecasts.

In case GBP/USD manages to settle below the 1.3420 level, it will move towards the next support at 1.3260 – 1.3280.

USD/CAD Tests New Highs

USD/CAD tests resistance at 1.3725 – 1.3740 as demand for commodity-related currencies declines despite the strong rally in the oil markets.

A move above the 1.3740 level will open the way to the test of the resistance level at 1.3845 – 1.3860.

USD/JPY Attempts To Settle Above 145.50

USD/JPY tests new highs as traders stay bearish on Japanese yen after Fed decision.

If USD/JPY manages to settle above the 146.00 level, it will head towards the strong resistance level, which is located in the 147.50 – 148.00 range.

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