Weekly Forex Forecast for USDCHF, GBPUSD, EURGBP, XAUUSD (04-09 October 2020)
Hey everyone! Welcome to this weeks forex forecast for the week ending October 9th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, EURGBP & XAUUSD.
Two weeks ago, we saw price form the symmetrical triangle pattern, and we were waiting on the breakout to the upside as price was failing to create new lows in this descending trend. We now have the break to the upside, and we can see previous resistance is now acting as new support after breaking the trend. I expect price to continue moving to the upside and reach previous highs at 0.935, where we saw price act as support before breaking.
We can see price is travelling in this ascending trend after the Covid-19 crash. We have recently seen the touch of channel support, rejection, and now a move off the support. Currently, we see some resistance form at 1.298. Once we see price break past this level, we can take more long positions as it is a confirmation of a continued bullish move to the upside.
Price is currently travelling in a long-term uptrend, we saw a touch of the channel's resistance, and now we are in a short-term descending channel. I expect price to continue this bearish move until price reaches the long-term channel's support before we see another bullish move up to 0.93.
We had a strong descending triangle pattern form with price breaking out to the downside with support at 1914. Last week price had retested that support, and now we are waiting on clear price action confirmations at this level whether we see a rejection of previous support, acting as new resistance and a continued bearish move OR if we see bulls picking strength back up, especially considering the recent crazy US news. This week will be very interesting for Gold. Definitely keep positions smaller than usual as volatility will pick up.
Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]
Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]
Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]
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