U.S. Dollar Soars: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rallies As Trump Wins

U.S. Dollar Index rallied as Donald Trump won the U.S. elections. Treasury yields jumped as traders bet on a less dovish Fed after Trump’s victory. The yield of 2-year Treasuries settled above the 4.28% level, while the yield of 10-year Treasuries moved above 4.46%.

In case U.S. Dollar Index climbs above the recent highs at 105.44, it will move towards the next resistance, which is located in the 106.00 – 106.15 range.

EUR/USD Tests New Lows

EUR/USD pulled back as traders focused on the results of U.S. elections. Traders worry that Trump may start a trade war with the EU, which will be bearish for the European currency.

A move below the 1.0700 level will open the way to the test of the support level at 1.0650 – 1.0670.

GBP/USD Tests Support At 1.2870 – 1.2880

GBP/USD is trying to settle below the support at 1.2870 – 1.2880 as traders react to Trump’s victory.

In case this attempt is successful, GBP/USD will move towards the next support level, which is located in the 1.2785 – 1.2800 range.

USD/CAD Moves Higher As Precious Metals Market Dive

USD/CAD gained ground as traders focused on the strong sell-off in precious metals markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

A move above the 1.3950 level will push USD/CAD towards the 1.4000 level. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.

USD/JPY Tests New Highs As Treasury Yields Jump

USD/JPY tested new highs as traders reacted to rising Treasury yields. Fed policy outlook is a key catalyst for USD/JPY as BoJ maintains its ultra-dovish policy.

From the technical point of view, USD/JPY is moving towards the resistance at 155.00 – 155.50.

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