Technical Analysis & Forecast November 08, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_24-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a> continues to grow. The overview also covers the movements of <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, Brent, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-4.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18943" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/EURUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has finished a downward impulse to 1.0664 and corrected to 1.0704 today. The correction could extend to 1.0711. Then, the decline wave might resume to 1.0640. And if this level breaks down, the wave could reach 1.0566. This is a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-4.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18942" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/GBPUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has ended a falling <a href="https://blog.roboforex.com/blog/2019/11/12/momentum-efficient-oscillator-or-trend-indicator/" data-internallinksmanager029f6b8e52c="96" title="Momentum">momentum</a> to 1.2262 and corrected to 1.2306 today. A new decline link to 1.2340 is possible. Then, a new decline wave to 1.2222 could form. And if this level breaks down, the wave could reach 1.2111. This is a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-4.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18941" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDJPYH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY keeps developing a growth wave to 150.88. After hitting this level, the quotes could correct to 150.30. Then, a new growth wave to 151.42 might start. This is a local target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-4.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18940" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/USDCHFH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF keeps developing a growth wave to 0.9024. After reaching this level, a drop to 0.8989 might follow. Basically, a new consolidation range is forming around this level. If the range breaks up, the wave might continue to 0.9133. If the range breaks down, a decline link to 0.8920 is possible. Then, a rise to 0.9133 might form.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-4.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18939" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/AUDUSDH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a falling movement to 0.6470. Today the market has formed a correction to 0.6448, which could reach 0.6460. Then, a new decline wave to 0.6353 might follow. This is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-4.png" alt="BRENT" class="wp-image-18944" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/BRENTH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has completed a decline wave to 81.22, which is a local target. A consolidation range is forming above this level today. If the range breaks up, a growth wave to 84.35 could start, from where the growth might continue to 87.11.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-4.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18938" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/XAUUSDH4-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a decline wave to 1956.56. A consolidation range could form above this level today. If the range breaks down, the potential for a decline wave to 1920.00 could open. This is a local target.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-4.png" alt="S&P 500" class="wp-image-18937" srcset="https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-4.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-4-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-4-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/11/US500CashH1-4-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a growth wave to 4387.0. A consolidation range is forming under this level today. If the range breaks down, the decline wave could continue to 4300.0. This is the first target.</p>
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