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

U.S. Dollar Retreats As Traders Focus On PMI Reports

U.S. Dollar Index is losing ground as traders react to the ISM Services PMI report, which indicated that ISM Services PMI improved from 54.9 in September to 56 in October. Traders will also stay focused on U.S. elections, which will serve as the key catalyst for forex markets this week.

A successful test of the support at 103.40 – 103.60 will push U.S. Dollar Index towards the next support level, which is located in the 102.55 – 102.70 range.

EUR/USD Attempts To Settle Above 1.0900

EUR/USD is moving higher as traders focus on general weakness of the U.S. dollar.

Currently, EUR/USD is trying to settle above the resistance at 1.0900 – 1.0915. In case this attempt is successful, it will head towards the next resistance level, which is located in the 1.1000 – 1.1015 range.

GBP/USD Tests Resistance At 1.3000 – 1.3020

GBP/USD tests resistance at 1.3000 – 1.3020 as traders focus on the final reading of S&P Global Services PMI report, which showed that UK Services PMI declined from 52.4 in September to 52.0 in October.

If GBP/USD manages to settle above the resistance at 1.3000 – 1.3020, it will head towards the next resistance at 1.3160 – 1.3175.

USD/CAD Is Losing Ground Amid Rising Demand For Commodity-Related Currencies

USD/CAD is losing ground as traders focus on the continuation of the rally in the oil markets. Other commodity-related currencies are also moving higher in today’s trading session.

In case USD/CAD settles below the 1.3850 level, it will head towards the nearest support level, which is located in the 1.3800 – 1.3815 range.

USD/JPY Remains Stuck Near 152.00

USD/JPY is mostly flat despite rising Treasury yields. Traders are waiting for the results of U.S. elections.

A move below the 152.00 level will push USD/JPY towards the support at 149.50 – 150.00.

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