Forex

The forex market witnessed significant volatility this week as traders awaited the upcoming U.S. Federal Reserve decision on Wednesday, one of the most critical policy announcements in recent months.

Key Movements:

• The U.S. dollar is testing critical support levels at 97.70–97.80

• The Euro faces strong resistance at 1.1750, with support at 1.1710

• The British Pound remains under pressure, with resistance at 1.3580 and support at 1.3270

Technical Outlook:

• The Dollar Index (DXY) is in a critical zone – closing above 97.80 may confirm a bullish trend

• EUR/USD needs to break above 1.1750 to continue its upward move

• GBP/USD may head towards 1.3270 if downside pressure persists

Gold

Gold declined below the ascending trendline from May at $3,336, indicating weakening bullish momentum.

Key Influences:

• Gold lost support from the main trendline at $3,336

• A strong U.S. dollar is weighing on the precious metal

• Geopolitical tensions are offering only limited support

Technical Analysis:

• A close below $3,336 opens the door toward $3,285

• Major resistance stands at $3,370

• If $3,320 is broken, the next target is $3,250–$3,240

Oil (Brent)

Brent oil is maintaining a moderately positive trend, despite signs of local overbought conditions.

Key Drivers:

• OPEC+ remains disciplined in implementing production cuts

• Fuel demand is improving in China and India

• U.S. commercial inventories are declining

Outlook:

• Strong support at $66.50 per barrel

• A break above $69.00 opens the path toward $73.30

• The ultimate target is $81.00 if the uptrend continues