Weekly Forex Forecast for USDCHF, GBPUSD, GBPJPY, XAUUSD (24-29 October 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending October 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, GBPJPY & XAUUSD.
Price broke out of the rising wedge pattern a couple of days ago, and price is already making its way to the downside to complete the chart pattern. Our first level of potential support is at 0.91, where we have seen in the past price has been struggling to break through; once we reach this level, look out for a break and retest before continuing the downwards ride on this pair.
Price is currently near the top of this descending channel, and we're now waiting on a precise touch and rejection to continue the trend and head lower. For now, there aren't any other specific levels where we could see consolidation, but unless we see lots of bears selling early, it's possible financial institutions could manipulate price towards 1.40 to stop out early sellers.
Last week we saw price break through 156.0, the previous high in the long-term ascending channel, and we're now seeing price retrace and retest this key horizontal level. What we see next could decide where price will go next, whether we'll see price fall below it could suggest further bearishness, whereas if we see price instantly reject this, it's likely we could see further bullishness, and price could head towards the top of this channel much quicker.
Gold continued to consolidate slightly between 1765 and 1800, and we saw price reach highs of around 1812 last week, but sellers quickly rejected this. For now, we're waiting on some significant catalysts to push price in a certain direction, as we just see back and forth moves for the time being.
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