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Forex News and Analysis
EUR/USD
- The EUR/USD is expected to see a potential downside due to a double top technical breakout and the recent weak US initial claims data. A one or two day reversal to the upside is possible if the pair breaches the 1.088 level, but overall, it looks set for a pullback.
USD/CNH
- The US dollar attempted to rally but faced resistance. Volatility is expected, with key resistance at the 50-day EMA and the 7.1250 level. If the US dollar breaks above this level, it could indicate a major risk-off event. Otherwise, the pair may drop to the 7.05 or 7.0 level due to support in that area.
GBP/USD
- GBP/USD has corrected lower from a 2024 high of 1.34, falling below 1.31 and the 50 SMA. A break below 1.30 would indicate a further downward trend. The pair is currently in a corrective phase, and any break below the mentioned levels could signal continued weakness.
USD/JPY
- The USD/JPY has risen 7% since September due to the Japanese government's verbal interventions and the strength of the U.S. economy. However, the potential for further yen weakening is limited. The pair is expected to face resistance at 150.7-151 and 152.2, with recommendations to sell near these levels.
General Market Outlook
- The ECB is expected to cut interest rates by 25 basis points, which could influence EUR/USD. The US dollar has seen mixed signals, with a strong CPI but weak initial claims data, leading to conflicting market signals.
Crypto News and Analysis
- There are no specific crypto-related updates in the provided sources for the last hour or day.
Sources
- Weekly Forex Forecast (14/10/24) EurUsd / XauUsd + ... - YouTube
- USD/CNH Forecast Today 14/10: Volatility Ahead (Video) - DailyForex
- Dow Jones Forecast: DJIA steady ahead of more earnings this week - FOREX.com
- GBP/USD, Oil Forecast: Two trades to watch - FOREX.com
- Yen to Take a Load Off. Forecast as of 14.10.2024 | LiteFinance