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

U.S. Dollar Tests New Lows

U.S. Dollar Index is losing ground as traders react to Initial Jobless Claims report. The report indicated that 219,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 215,000.

In case U.S. Dollar Index declines below the 106.50 level, it will move towards the nearest support level, which is located in the 105.50 – 105.70 range.

EUR/USD Climbed Above The 1.0450 Level

EUR/USD is moving higher as traders focus on the better-than-expected Euro Area Consumer Confidence report. The report showed that Consumer Confidence improved from -14.2 in January to -13.6 in February, compared to analyst consensus of -14.

If EUR/USD climbs above the 1.0500 level, it will get to the test of the nearest resistance level at 1.0515 – 1.0530.

GBP/USD Tests Resistance At 1.2600 – 1.2615

GBP/USD gains ground as traders focus on general weakness of the American currency.

From the technical point of view, GBP/USD is trying to settle above the resistance at 1.2600 – 1.2615. In case this attempt is successful, GBP/USD will head towards the next resistance level at 1.2715 – 1.2730.

USD/CAD Is Losing Ground As Demand For Commodity-Related Currencies Increased

USD/CAD tests support at 1.4180 – 1.4200 amid rising demand for commodity-related currencies.

If USD/CAD manages to settle below the 1.4180 level, it will move towards the next support level at 1.4065 – 1.4080.

USD/JPY Tests Support At 149.00 – 149.50

USD/JPY is under strong pressure as traders focus on falling Treasury yields and bet that BoJ will be more hawkish than previously expected.

The nearest support level for USD/JPY is located in the 149.00 – 149.50 range. A move below the 149.00 level will open the way to the test of the next support at 146.50 – 147.00.

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