The US dollar may have just seen its best day on account of the US-Iran-Israel conflict that is shaking the world.
After resisting a massive recovery since February, the dollar has become invincible. Petrodollar trades and higher US interest rates for a longer period tend to largely support the global reserve currency.
Add to that the historically bearish situation against it, and traders saw ideal conditions to push the dollar to an 11-month high.
This was enough to question whether de-dollarization was just a fantasy, and not an appropriate regime change in financial markets.
However, things have changed in the past two weeks. President Trump, frustrated by developments such as falling stock markets, rising commodity prices, and a rising dollar — economic trends he publicly dislikes — finds himself in a pessimistic mood ahead of the November midterm elections.
Hence, the administration has been pushing hard for a truce, precisely because this is in line with the long mid-April deadline to end the conflict.
While a proper peace agreement has not yet been reached, diplomatic attempts are currently moving in the right direction, causing the US dollar to decline.
Daily Forex Performance against the US Dollar – Courtesy of Finviz (April 14, 2026)
You can see the live result of today’s currency market performance.
The US dollar lost about 2% of its value against a basket of major currencies and is starting to get back on track.
However, when a key support level is reached, currency traders may take a break from their dollar sales. We will explore the key levels right after taking a quick look at the dollar index chart.
Dollar Index (DXY) 4-hour chart. April 14, 2026 – Source: TradingView
With its stop at the key support level at 98.00, the US dollar may see a short-term pause in the selling; Therefore, it is important not to get caught in the headwinds of a potential reversal.
However, this may provide opportunities to capture a pullback in the currency and provide suitable setups for major forex pairs!
In preparation for the next phase of the longer-term dollar sell-off (conditional on the conflict actually ending), we will take a look at three major FX currencies and their intraday time frames to see how the range in the dollar index affects their respective currency pairs: EUR/USD, GBP/USD, and USD/CAD.
EUR/USD 4-hour chart and technical levels
EUR/USD 4-hour chart. April 14, 2026 – Source: TradingView
The EUR/USD pair quickly took advantage of the truce to rise by 2,000 to 1.18.
However, facing a large resistance zone and overbought conditions for the RSI, the chances of the uptrend continuing from here are slim (in the short term).
In such circumstances, buying on a pullback makes the most sense.
- Aggressive buyers can look to the 1.1750 area to enter (less ideal)
- The best setup will be found at the 1.17 to 1.1720 March pivot point
- This requires that the peace process continue to advance.
- Aggressive sellers may look to enter at current levels and will want to see a break below 1.17 to add to their positions (if fundamentals deteriorate).
Interest levels for trading EUR/USDg
Resistance levels
- Resistance area is around 1.18 (+/- 150 pips)
- Resistance 1.1850 – 1.1860
- Morning high 1.18114
- September 2021 highs – resistance zone 1.19 to 1.1950
Support levels
1.17 to 1.1720 March pivot
- Pivotal support 1.1625 – 1.1635
- 1.1540 to 1.1570 support the war
- War and August 2025 lows 1.14
USD/CAD 4-hour chart and technical levels
USD/CAD 4-hour chart. April 14, 2026 – Source: TradingView
The USD/CAD pair took a significant reversal advance from the upper part of its 1.3550 to 1.3950 range.
After finding buyers at the 1.3750 pivotal support level, the pair has already started to pull back, hence it may be wise to wait for a retest of the upper band of the 1.38 pivot area and the descending channel (1.3810) to enter short positions.
A return above the 4-hour 50-period moving average (1.3862) would return the advantage to the bulls.
Interest levels for USD/CAD trading
Resistance levels
- 1.38 axis +/- 150 points
- Resistance 1.3850
- Support from 1.39 to 1.3925 turned into resistance
- 1.3950 highest levels
Support levels
- 1.3750 pivotal support
- 1.3630 to 1.3660 major support
- 1.3550 main support 2025
- 1.35 Basic psychological support
GBP/USD 4-hour chart and technical levels
GBP/USD 4-hour chart. April 14, 2026 – Source: TradingView
The pound is going through similar conditions to the euro but has the upper hand in terms of strength and momentum against the US dollar.
GBP/USD is reaching overbought conditions and could witness a retest of good support in the coming times after extending it without pullbacks.
Aggressive buyers will look to the 1.3500 psychological level for a broader upside for the pair.
More defensive pullback traders will have to wait for a retest of the key pivot, which will only be reached if the tone worsens ahead of the US-Iran talks on Thursday.
Interest levels for trading USD/CHF
Resistance levels
- December resistance 1.36 (test)
- Resistance area 1.37
- 2025 resistance is around 1.38
- Resistance from 1.3850 to 1.39 2021
Support levels
- 1.35 secondary support
- Main pivot and support 1.34 to 1.3440
- Pivotal support 1.3250 – 1.33
- 1.32 Support for war
Safe deals!
