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Looking at the 4-hour chart, the pair settled below 1.3400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a drop below the 50% Fib retracement level of the upward move from the 1.3140 swing low to the 1.3555 high.
Forex
Pound Sterling Price News & Forecast: GBP/USD declines as the US Dollar holds firm
Gold Price Forecast: XAU/USD looks vulnerable as focus shifts to the Fed meeting
PBOC sets USD/CNY reference rate at 6.7928 vs. 6.7911 previous
Gold declines despite easing concerns over inflation, interest rate hikes
The US dollar shrugged off crude oil's sharp decline following reports of renewed US-Iran negotiations, highlighting underlying demand for the greenback ahead of this week's FOMC meeting. With markets pricing a growing chance of further Fed tightening, attention now turns to Chair Kevin Warsh's guidance and whether DXY and USD/JPY can extend their bullish trends.
Silver shows early signs of a short-term bounce, but the broader downtrend remains intact as price approaches key resistance and faces confirmation hurdles.
Goldman Sachs picks up on China's secret Gold reserve expansion
Gold, Silver, and the coming monetary reckoning: Greg Weldon sees major opportunity ahead [Video]
Chinese Gold imports surged to 2-Year high in june
EUR/JPY Price Forecast: Range holds as intervention fears bite
It's difficult for the US Dollar to go anywhere without at least some participation from the Euro. After all, the single currency is a whopping 57.6% of the DXY basket and the second largest component, the Japanese Yen, is a mere 13.6% composition.
USD/CHF Price Forecast: Bulls eye 0.8200 as rally extends
Gold rises toward $4,070 as falling US yields support Bullion
Silver Price Forecast: Could Fed decision trigger a break from $55-$62 range?
Silver and platinum also moved higher at the start of the week.
Lower oil gives silver room to recover, but the Fed, GDP and PCE data keep the silver market locked in wait mode.
Gold & Oil: The chart knew first
Summary:EUR/USD traded near 1.1370 as the euro remained under pressure against a resilient US dollar. The pair continues to consolidate after a steady decline from May's highs, with traders awaiting fresh economic catalysts.
XAU/USD Price forecast: Gold struggles to extend gains beyond $4,100
