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