Technical Analysis & Forecast for October 12, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_6-360×360.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> is in the midst of a downward <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a>. This analysis 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" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-7.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18473" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-7.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-7-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-7-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-7-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has found a supportive base at the 1.0600 level and is in the process of a growth phase towards 1.0670. Following this rise, a potential dip to 1.0600 may occur (with a test from above), succeeded by an anticipated increase to 1.0706.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-8.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18472" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD is extending its upward <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> to 1.2378. Once this target is achieved, a retest of 1.2242 might ensue (with a test from above). Subsequently, a new upward surge to 1.2447 may be anticipated, eventually followed by a decline to 1.2242.</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/2023/10/USDJPYH1-8.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18474" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is prolonging its upward trajectory to 149.81. This could be followed by a decline to 149.00, after which a fresh upward wave towards 150.75 might materialize. After reaching this level, a subsequent downturn to 147.94 is projected.</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/2023/10/USDCHFH1-8.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18471" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is persisting in a descending wave towards 0.8982. Following the achievement of this level, an upswing to 0.9078 could follow, eventually paving the way for a downturn to 0.8955.</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/2023/10/AUDUSDH1-8.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18470" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a downward phase reaching 0.6388 (with a test from above). Today, we could witness an upward move targeting 0.6460. This marks a local objective. Next, a decline to 0.6388 and a subsequent rise to 0.6488 might be in the cards.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-5.png" alt="BRENT" class="wp-image-18469" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-5.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-5-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-5-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-5-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent is ongoing in a descending wave towards 84.00. It's anticipated to consolidate above this level. An upward breakout from this range might indicate the potential for an upward wave to 89.00. This represents the initial target.</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/2023/10/XAUUSDH1-8.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18468" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-8.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-8-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-8-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-8-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is currently experiencing an upward wave to 1885.55. Following this, a downturn to 1855.55 is plausible. The next movement is forecasted to be an upward surge to 1897.33.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-6.png" alt="S&P 500" class="wp-image-18467" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-6.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-6-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-6-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-6-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is still advancing in an upward wave towards 4407.5. Upon reaching this level, a potential dip to 4337.0 may arise (with a test from above). Subsequently, an upswing to 4464.4 is expected, followed by a trend-driven decline to 4200.0.</p>
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