Forex Technical/Fundamental Analysis & Forecast by RoboForex

USDCHF declines: a correction is necessary

The USDCHF pair is declining; the market requires a correction. Find out more in our analysis for 29 October 2024.

USDCHF technical analysis

The USDCHF H4 chart shows that the market has formed a growth wave structure towards 0.8697. A correction is expected to develop, aiming for 0.8636 today, 29 October 2024. After reaching this level, the price could rise to 0.8717, potentially extending the growth wave to 0.8740.



The USDCHF pair is poised for a correction after previous steady gains.

Read more - USDCHF Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Gold (XAUUSD) hit a new all-time high today, hovering above 2,780 USD

XAUUSD prices have completed a correction and are steadily rising, surpassing the previous all-time high of 2,758 USD. A triangle pattern has formed on the instrument chart. More details in our XAUUSD analysis for today, 30 October 2024.

XAUUSD forecast: key trading points

• Market focus: market participants are awaiting the US labour market statistics this week, including the ADP report, nonfarm payrolls, and the unemployment rate
• Current trend: a strong uptrend is underway, with a triangle pattern formed on the chart
• XAUUSD forecast for 30 October 2024: 2,758 and 2,800

Fundamental analysis

XAUUSD quotes continue to trade in an uptrend, reaching another all-time high around 2,790 USD today. A downward correction is complete, and growth is likely to resume. The precious metal appears buoyant, supported by robust demand from central banks and investors.

The current Federal Reserve’s interest rate-cutting cycle, high geopolitical tensions, ongoing conflict escalation in the Middle East, and the upcoming US presidential election in November are all factors strengthening the prices of Gold.

US employment statistics from Automatic Data Processing Inc. (ADP) are scheduled for release during today’s American session. If data exceeds the forecast (+115,000 jobs), the US dollar will receive support, and the XAUUSD pair may enter a local correction again. If data falls short of the forecast, this will drive further growth in the XAUUSD pair.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

NZDUSD started to consolidate, but risks persist

The NZDUSD pair maintains its strength on Friday. Yesterday’s US statistics may prompt adjustments. More details in our analysis for 1 November 2024.

NZDUSD technical analysis

The NZDUSD H4 chart shows that the market has reached the local target of the downward wave at 0.5940. A growth impulse towards 0.5983 has formed today, 1 November 2024.



The NZDUSD pair halted its decline but remains under pressure due to the fundamental environment.

Read more - NZDUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY rose: a crucial week begins

The USDJPY pair is undergoing a correction, with the US dollar retreating ahead of the US presidential election. Find out more in our analysis for 4 November 2024.

USDJPY forecast: key trading points

• The USDJPY pair declines
• Safe-haven assets are in demand this week
• USDJPY forecast for 4 November 2024: 151.00 and 150.80

Fundamental analysis

The USDJPY rate fell to 151.75 on Monday.

The Japanese yen has gained an opportunity to strengthen while the US dollar retreats in anticipation of this week’s US presidential election. The next five business days will be tense, with the US presidential campaign nearing its conclusion and the upcoming US Federal Reserve meeting. The market will require strength and safe-haven assets.

The Federal Reserve is expected to lower the interest rate by 25 basis points.

Last week, the Bank of Japan left its interest rate unchanged at 0.25% per annum. The central bank is pausing a series of adjustments in monetary conditions as it assesses the risks of a political imbalance in Japan. This adds to the uncertainty regarding the country’s fiscal policy. The interest rate may change in January, but several key economic indicators will be released by then.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDCHF: the pair continues to correct ahead of the US presidential election

Switzerland’s stable unemployment rate and the upcoming US election may strengthen the Swiss franc. Discover more in our analysis for 5 November 2024.

USDCHF technical analysis

The USDCHF H4 chart shows that the market has formed a downward wave towards 0.8615. A growth structure is expected to develop today, 5 November 2024, aiming for 0.8666. A breakout above this level will open the potential for a growth wave towards 0.8720, the local target.



Alongside technical analysis for today’s USDCHF forecast, the US presidential election and fundamental data suggest a potential growth wave towards 0.8720.

Read more - USDCHF Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDCAD resumed growth: the market is watching the US election results

The USDCAD pair is confidently rising, with the US dollar in demand as the majority of votes favour Trump. More details in our analysis for 6 November 2024.

USDCAD forecast: key trading points

• The USDCAD pair surges
• The market is following the first reports on the US presidential election
• USDCAD forecast for 6 November 2024: 1.3950

Fundamental analysis

The USDCAD rate rose to 1.3921 on Wednesday.

Although the pair declined yesterday evening, the situation changed today with the release of the first US presidential election results. The US dollar is in strong demand as presidential candidate Donald Trump gains more votes than his opponent, Kamala Harris.

Canadian statistics remain off the market’s radar. However, the private sector PMI rose to 50.7 points following a four-month decline. Oil prices also increased after OPEC+ decided to postpone its planned output increase. Although these factors support CAD’s fundamental strength, fortune favours the USD today.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY is at a three-month high: the yen is under pressure from the US dollar

The USDJPY pair is appreciating rapidly, with the yen under pressure from the strong US dollar. Find out more in our analysis for 7 November 2024.

USDJPY technical analysis

The USDJPY H4 chart shows that the market has completed a growth wave, reaching 154.70, a local target. A consolidation range is forming below this level today, 7 November 2024. A breakout below the range could initiate a downward wave towards 151.35, the first target in the corrective phase.



The USDJPY pair is surging, driven by the strong US dollar.

Read more - USDJPY Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Gold (XAUUSD) found support around 2,643 USD

XAUUSD prices declined to 2,643 USD as part of a correction amid the US dollar’s strengthening, driven by the US election. The asset encountered strong demand at this level and is attempting to reverse upwards. More details in our XAUUSD analysis for today, 8 November 2024.

XAUUSD forecast: key trading points

• Market focus: Donald Trump confidently won the US presidential election
• Market focus: the US Federal Reserve lowered the interest rate by 0.25%
• Current trend: a local correction is underway as part of the uptrend
• XAUUSD forecast for 8 November 2024: 2,643 and 2,710

Fundamental analysis

XAUUSD quotes continue to trade within a local correction, after which upward momentum is expected to resume. The decline in Gold prices was due to the growth of the US dollar, supported by Donald Trump’s victory in the US presidential election.

At yesterday’s meeting, the Federal Reserve unanimously decided to lower the interest rate by 0.25%, aligning with market expectations. In its accompanying statement, the US Fed noted that labour market conditions have generally improved, and inflation continues to gradually move towards the 2.0% target.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

GBPUSD stabilised: all news factored into prices

The GBPUSD pair started the week in calm conditions. The pound has absorbed the recent shock and recovered. Find out more in our analysis for 11 November 2024.

GBPUSD technical analysis

The GBPUSD H4 chart shows the market is forming a consolidation range around 1.2929, potentially extending to 1.2850 today, 11 November 2024. Subsequently, the price could rise to 1.2929 (testing from below). The downward wave may extend towards the main target of 1.2820.



The GBPUSD pair declined and returned to equilibrium.

Read more - GBPUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDCAD: the pair continues to reach new highs

The latest data from the US indices suggest that the US dollar is likely to strengthen further. Discover more in our analysis for 13 November 2024.

USDCAD forecast: key trading points

• The Thomson Reuters/Ipsos Primary Consumer Sentiment Index: previously at 48.41
• US core Consumer Price Index (CPI) (m/m) in October: previously at 0.3%, projected at 0.3%
• US core Consumer Price Index (CPI) (y/y): previously at 3.3%, projected at 3.3%
• US CPI (m/m): previously at 0.2%, projected at 0.2%
• USDCAD forecast for 13 November 2024: 1.4040

Fundamental analysis

The Thomson Reuters/Ipsos Primary Consumer Sentiment Index measures consumer sentiment based on a target group survey. The index fell to 48.41 last month, indicating negative consumer sentiment. Given that the index has declined over the past three months, the forecast for 13 November 2024 may be unfavourable for the Canadian dollar as the actual reading may fall again.

The CPI reflects changes in consumer prices of goods and services and is a key indicator for the direction of purchases and US inflation. Readings below the forecast are considered negative for the US dollar, while stronger-than-expected figures are considered positive.

The CPI is forecast to remain unchanged at 0.3% month-on-month and 3.3% year-on-year. Expectations that the estimates will align with actual data are low so far. A better-than-expected performance in US fundamental indicators could further boost the USDCAD rate.

Fundamental analysis for 13 November 2024 indicates that the US CPI (m/m) is projected to remain at last month’s level of 0.2%. While such figures are encouraging for the national currency, they are not yet indicative of a significant positive shift.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team