USD Gains Momentum
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Market updates on October 9
Key events ahead:
- Meetings of the Eurogroup
- Speech by the Fed Chair Jerome Powell – 18:00 MT (15:00 GMT) time
- Speech by the FOMC member George – 18:00 MT (15:00 GMT) time
- FOMC meeting minutes – 21:00 MT (18:00 GMT) time
- Several events may determine the direction of EUR/USD today. Bulls will be awaiting the updates from the Eurogroup meetings, while bears will pay attention to the events with an impact on the USD. If the euro is supported, the break of the 1.0963 level will happen and the pair will rise towards the next resistance at 1.0973. On the other hand, a strong USD may pull the pair below the 1.0955 level to the next support at 1.0944. After that, bears will target the 1.0936
- USD/JPY pair is consolidating under the 200-period SMA on H4 ahead of the US-China trade talks scheduled for tomorrow. That is why any fresh updates on the main trade issues may affect the risk sentiment in the market and move the pair. In case of risk-off sentiment, the pair will fall towards the 106.95 level. The next support in the focus of bears will be placed at 106.76. If the risk sentiment is on, USD/JPY will try to break the 107.19 level. The next resistance level will be at 107.41 (50-period SMA).
- USD/CHF has been trading within an ascending trading channel on H4. Yesterday, the pair has tested the resistance at 0.9939, which lies close to the 100-period SMA. The next resistance lies at 0.9949. If it is broken, reaching the 0.9960 level will be possible. From the downside, key levels are, as follows: 0.9925, 0.9907 (lower border of the ascending trading channel) and 0.9897.
Similar
NVIDIA to Become the Next Tesla
The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
Progress in US Debt Talks, Gold Is Down
Some progress in US debt ceiling talks is made, and the PMI data is out.
Latest news
No More US Debts in Sight
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
Gold Rises as Central Banks Buy More
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
US Evades Default This Time
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
