Technical Analysis & Forecast September 8, 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>Brent is undergoing a correction before its next upward move. This analysis also covers the dynamics 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/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, <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="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-5.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17900" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/EURUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has recently experienced a decline, reaching 1.0686. Today, the market is in a correction phase towards 1.0728. After this correction, we can anticipate a drop to 1.0670, which is a local target. Subsequently, a correction to 1.0900 might commence.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-5.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17899" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/GBPUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has completed a wave down to 1.2446. Today, the market is forming a corrective move towards 1.2513. Following this correction, a decline to 1.2424 is expected, serving as a local target. Next, we could witness a new correction wave targeting 1.2700.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-5.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17898" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDJPYH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY recently underwent a corrective movement to 146.62. The upward <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> is expected to continue, reaching 147.87 today. If this level is surpassed, the trend could extend to 148.79, which is a local target. Subsequently, a downward wave towards 145.00 may begin.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-5.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17901" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/USDCHFH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF is currently forming a consolidation range around 0.8917. Today, the range might extend to 0.8892. After reaching this level, we could observe a rise to 0.8998, followed by the start of a new upward wave towards 0.8800.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-5.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17897" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/AUDUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD continues to develop a consolidation range around 0.6380 without displaying a strong trend. Today, the range might expand to 0.6406. Subsequently, a decline to 0.6333 is possible, followed by a new upward wave towards 0.6600.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-6.png" alt="BRENT" class="wp-image-17896" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-6-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-6-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/BRENTH1-6-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent <a title="<div class="wpg-tooltip-content"><p>Crude Oil is a natural resource used as a raw material in the refining and petrochemical industries.</p></div>" href="https://blog.roboforex.com/glossary-terms/oil/">crude oil</a> prices are currently forming a consolidation range around 89.80. Today, this range might extend to 88.80, with the potential for a rise to 90.90 if this level is breached. Additionally, if the price surpasses 90.90, it could reach 93.20, which is a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-5.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17895" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/XAUUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold is still developing a consolidation range around 1921.50. Today, the range might expand to 1927.95, with a possible correction move. Following this correction, a decline to 1909.60 is expected, followed by an increase towards 1950.00.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-5.png" alt="S&P 500" class="wp-image-17894" srcset="https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/09/US500CashH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is currently in a correction phase towards 4468.0. After reaching this level, a decline to 4420.0 is anticipated as the first target. Subsequently, a correction to 4490.0 could follow.</p>
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