Dollar Dominance Continues as EUR/USD and GBP/USD Slump

The US dollar has been gaining strength in early trading on Tuesday across various currency pairs.

The EUR/USD pair dropped to 1.1362, breaking below its range and EMAs (Exponential Moving Averages).

According to technical analysis by FXEmpire, the Euro's recent consolidation area could be forming a double bottom pattern, but short-term rallies will likely continue to face resistance.

The GBP/USD pair also slid to 1.3279, drifting below its EMAs near 1.33. Elevated US interest rates and concerns in the Middle East may be contributing to the pound's decline.

In contrast, the USD/CHF pair rose to 0.8198, breaking out above its EMAs as the positive swap differential favors the US dollar.