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The US dollar enters the first full week of November on firm footing, supported by steady Treasury yields and resilient U.S. economic data. Most major currency pairs remain confined to well-defined ranges, with traders watching whether this week’s U.S. labour data, central bank remarks, and risk sentiment will drive a breakout or reinforce consolidation patterns.
Technically, several dollar pairs are testing critical pivot zones — with the AUD/USD and USD/CHF showing early signs of stabilization, while EUR/USD and GBP/USD continue to drift lower. Meanwhile, USD/JPY holds near multi-week highs, and USD/CAD extends its gradual recovery amid mixed commodity signals.
AUD/CHF: Bearish Bias Intact Below 0.5200
AUD/CHF is trading around 0.5152, rebounding from the 0.5070 lows but still struggling beneath its 15-day and 20-day moving averages. The pair’s recovery attempts are being capped by the former support zone at 0.5180–0.5200, now turned resistance.
Momentum remains weak, with the RSI hovering below 60, suggesting upside exhaustion. A close below 0.5070 would likely trigger a deeper move toward 0.5000, while only a break above 0.5220 would signal that bearish momentum is easing. For now, the path of least resistance remains lower.
AUD/USD: Neutral Tone Above 0.6500
AUD/USD is trading near 0.6554, edging higher after holding firm at 0.6480 support. The pair sits marginally above its short-term moving averages, suggesting early stabilization but no confirmed breakout yet.
A daily close above 0.6570 would strengthen bullish momentum and target 0.6620–0.6660, while a move below 0.6480 would renew selling pressure toward 0.6400. Momentum indicators are balanced, keeping the bias neutral-to-slightly bullish as long as 0.6480 holds.
EUR/USD: Downtrend Persists as Sellers Dominate
EUR/USD slipped to around 1.1495, retreating after failing to sustain above the 1.1530–1.1550 zone. The pair remains below both key moving averages, reinforcing a short-term bearish bias.
A break below 1.1440 could accelerate losses toward 1.1380 and 1.1290, while recovery attempts are likely to stall near 1.1550–1.1570. The RSI near 37 points to weak momentum, keeping sellers in control unless a sustained rebound clears resistance.
GBP/USD: Bearish Momentum Deepens Below 1.3400
GBP/USD is trading near 1.3407, struggling to regain footing after breaking below the key 1.3330–1.3350 support. The pair remains under heavy pressure, with the RSI at 29, indicating oversold but persistent bearish conditions.
Immediate support lies at 1.3340, followed by 1.3280 and 1.3200. Unless price closes above 1.3480, the broader downtrend remains intact. While a short-term technical bounce is possible, rallies are expected to be capped by sellers near 1.3400–1.3450.
USD/CAD: Bullish Bias Above 1.4000
USD/CAD continues to grind higher around 1.4011, supported above the 15-day and 20-day averages. The pair’s structure suggests a gradual shift from range-bound to bullish, with 1.4000–1.4020 acting as a key pivot area.
A close above 1.4040 would likely open the path toward 1.4100 and 1.4160, while support rests near 1.3880–1.3850. Unless the pair drops below that zone, the overall outlook remains constructive for further gains.
USD/CHF: Turning the Corner as Bulls Regain Control
USD/CHF is holding steady near 0.8045, comfortably above both the 15-day and 20-day moving averages. Price action shows the pair forming a base above 0.7950, with momentum improving as the RSI hovers around 60.
A break above 0.8100 would confirm a bullish breakout and target 0.8180–0.8240, while support rests at 0.7950–0.7900. Unless price dips below 0.7950, the pair remains biased higher for the week ahead.
USD/JPY: Bulls in Control Near Multi-Month Highs
USD/JPY remains firm near 149.63, supported by strong U.S. yields and continued demand for the dollar. The pair trades well above its 15-day and 20-day moving averages, reflecting an entrenched uptrend.
Resistance lies at 151.50–151.80, with a close above 151.80 likely to trigger a push toward 152.50 and 154.00. Support comes in at 149.00–147.80. Momentum remains strong, though the RSI at 67 signals slightly overbought conditions. Any pullback is likely to be short-lived unless 149.00 breaks decisively.
USD/ZAR: Consolidation Continues Near 17.30
USD/ZAR is trading around 17.3106, moving sideways as buyers and sellers battle for control around the 17.30 mark. Both moving averages have flattened, underscoring the neutral tone.
A break above 17.40 could signal renewed bullish momentum toward 17.60–17.80, while a move below 17.10 would open downside risk to 16.90–16.70. For now, the pair remains range-bound, with a slight upward bias as long as 17.10 holds.
Summary: US Dollar Strength Intact, but Momentum Diverges Across Majors
The dollar’s firm footing remains the dominant theme, but divergence is evident across the majors. Commodity-linked currencies like the AUD and CAD show tentative signs of recovery, while EUR and GBP continue to lag amid weak momentum.
Safe-haven pairs such as USD/CHF are showing constructive basing patterns, while USD/JPY continues to benefit from the wide yield gap. With key data due later this week, volatility could pick up — but for now, USD strength remains the underlying tone across the FX landscape.