Weekly Technical Analysis For November 8th to 12th, 2021

Pay Attention To US CPI Inflation This Week

EUR/USD: Last week, The Fed announced a $15 billion monthly cut to its $120 billion in monthly purchases of Treasuries and mortgage-backed securities, but chair Jerome Powell said the U.S. central bank would be patient in deciding when to raise its benchmark overnight interest rate from near zero levels.

US Dollar supported by strong US Jobs Report on Friday. Nonfarm Payrolls (NFP) in the US rose by 531K in October. This reading beat the market expectation of 455K. Additionally, the Unemployment Rate declined to 4.6% from 4.7%.

In the upcoming week, the U.S. consumer price index will release Wednesday.

US Consumer prices are expected to have risen 0.6% last month and 5.8% over the prior year, according to estimates. Excluding the cost of food and fuel, core inflation is projected to be 4.3% on a year-over-year basis.

We will also closely watch US PPI inflation data on Tuesday. Economists predict that PPI rose by 0.6% last month. On the other hand, Core PPI is expected to have increased by 0.5%.

Moreover, Fed Chairman Jerome Powell is scheduled to speak in conference on Monday on gender and the economy and on Tuesday at an online conference on diversity and inclusion in economics and central banking. We might get more informations about Fed’s Outlook. 

The EURUSD pair closed last week below the 1.1589 main resistance level. As long as the pair trades below 1.1589, on a four-hourly basis, we will follow 1.1507 as the support level. On the upside, if the price rises above 1.1589, the next resistance level will be at 1.1658

Support: 1.1507 - 1.1421

Resistance : 1.1589- 1.1658 - 1.1744

GBP/USD: Focus on the 1.3517 key resistance level in the GBPUSD pair. As long as the pair stays below 1.3517, on a daily basis, we will follow 1.3392 as a support level. Otherwise, if the price rises above 1.3517, the next resistance level will be at 1.3599.

Support : 1.3392 - 1.3313 - 1.3231

Resistance : 1.3517 - 1.3599 - 1.3688

USD/CHF: Pay attention to the 0.9130 main resistance level in the USDCHF pair. As long as the pair stays below 0.9130 on a four-hourly basis, we will see support level at 0.9064. On the other hand, If the pair moves up above 0.9130, the next resistance level will be at 0.9186.

Support : 0.9064 - 0.9002

Resistance : 0.9130 - 0.9186 - 0.9322

GOLD: The Gold Price extended gains and moved up above the 1805 major support level. As long as the price stays above 1805 on a four-hourly basis, we will see the daily resistance level at 1829. On the downside, if the price breaks down below 1805, the next support level will be at 1785

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854

07 Nov 21 (Sun)

09:48 pm


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