DXY

GBP/USD held steady on Friday but is on track for its largest weekly rise since mid-September as the US dollar gave back some of its Trump victory gains.

USDJPY Forecast: Friday's rise in Tokyo CPI from 1.8% to 2.2% drove USDJPY below the critical 150 level. A pivotal week of US economic data ahead, including ISM PMIs and Non-Farm Payrolls, is set to heighten volatility risks for the pair.

EURUSD and Nasdaq Outlook: As the DXY edges closer to breaking 2023 highs, bearish risks loom large for EURUSD. Meanwhile, NVDIA earnings are boosting long-term bullish potential for the Nasdaq following the Trump rally.

US Dollar surged 6.9% off the yearly low with the Trump rally fueling a breakout of the 2023 consolidation pattern. Battle lines drawn on the weekly technical chart.

USDJPY, Silver Forecast: The US Dollar’s rally has pushed the yen to levels increasing Bank of Japan intervention risks and pressured silver to retest a critical yearly trendline, raising caution over potential further upward movements in the dollar.

EURUSD Forecast: The DXY’s rally, fueled by the Trump market effect, paused at the 107-mark, offering a potential breather for EURUSD, which is holding above the 1.05 support level.

The US Dollar has continued its rally after Trump’s win and last week’s FOMC rate decision, and DXY is now testing some unfilled gap from last November’s FOMC meeting.

The post-election rally has extended more than 2.7% off the monthly low with USD now testing major resistance. Battle lines drawn on the DXY short-term technical charts.

US Dollar surged more than 4.4% off the yearly lows with a four-week rally now approaching trend resistance. Battle lines drawn on the DXY weekly technical chart.

Whether it reflects US economic exceptionalism reducing the need for large-scale rate cuts from the Federal Reserve or improved prospects for Donald Trump winning the US Presidential election, or a combination of both, it’s obvious the US interest rate outlook is dictating direction across FX markets. With short-dated Treasury futures teetering above a key technical level, what happens next could be highly influential.

EURUSD Analysis: Following a double top formation at the 1.120 resistance, EURUSD reached the target, pressured by a strong dollar and dovish ECB. Will the decline continue?

EURUSD Forecast: In addition to the strength of the dollar between haven factors and moderated expectations of monetary easing, dovish expectations surrounding the ECB’s upcoming monetary policy decision are putting additional pressures on the Euro.

USDJPY, Silver Forecast: As the U.S. dollar strengthens and uncertainty persists around monetary policies, elections, and geopolitical tensions, both USDJPY and Silver are proceeding through the third week of October on a positive note.

The USD extended its bullish trend this week but perhaps the larger focal point was Gold, defending 2600 and continuing the rally. For next week, USD/JPY resistance and EUR/USD pullbacks are in focus.

US Dollar surged more than 3% off the yearly lows with USD testing trend resistance into the weekly close. Battle lines drawn on the DXY short-term technical charts.

EURUSD, DXY Forecast: The EURUSD is facing bearish pressure as it approaches the US CPI report and next week's ECB monetary policy decision. Critical support levels are near, which will decide whether the pair extends its downward trend or rebounds for a potential bullish continuation.

Yes, I may have just given the USD the kiss of death with that headline. Besides, the dollar has already rallied for four days into the release, so it may take a strong report overall to avoid a profit-taking pullback.