Here is the daily technical analysis for October 9, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data provider are not responsible for the results of your trading.

Therefore, the responsibility lies with you. Before diving into today's technical analysis, be sure to register for the GIC Big Deals, offering exclusive benefits and various exciting prizes. This event is only available for a limited time, from July 10 to December 31, 2023.

Below, we will provide the forecast for price movements in Forex and Commodities, complete with calculations of Pivot levels, Resistance, and Support.


EURUSD



On the 1-hour chart, EUR/USD is attempting to move lower, touching the support level at 1.05040 and heading toward the next support level at 1.04340. The downward trend is also reflected in the FXBot template, where the EUR reading is lower at 0.0 compared to the USD reading of 7.5. The bearish bias is further supported by a sell signal, indicated by a red arrow.

Suggest: Sell 1.05500 TP1 1.05250 TP2 1.05040 SL 1.05800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.05445

1.05981

1.04808

1.05825

1.05489

0.00336

0.32%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.07390

1.06680

1.06210

1.05510

1.05040

1.04340

1.03870

 

 

GBPUSD



On the 1-hour chart, GBP/USD is attempting to move lower, touching the support level at 1.21960 and heading toward the next support level at 1.21330. The downward trend is also evident in the FXBot template, where the GBP reading is lower at 2.4 compared to the USD reading of 7.7. The bearish bias is further supported by a sell signal, indicated by a red arrow.

Suggest: Sell 1.21960 TP1 1.21700 TP2 1.21500 SL 1.22200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.21900

1.22595

1.21039

1.22316

1.21907

0.00409

0.34%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.24440

1.23520

1.22880

1.21960

1.21330

1.20400

1.19770

 

AUDUSD



On the 1-hour chart, AUD/USD is attempting to move lower, touching the support level at 0.63320 and heading toward the next support level at 0.62770. The downward trend is also supported by the FXBot template, where the AUD reading is lower at 0.8 compared to the USD reading of 7.8. The bearish bias is further reinforced by a sell signal, indicated by a red arrow.

Suggest: Sell 0.63320 TP1 0.63100 TP2 0.62770 SL 0.63600

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.63674

0.63983

0.63107

0.63847

0.63686

0.00161

0.25%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65070

0.64530

0.64190

0.63650

0.63320

0.62770

0.62440

 

USDCHF

The daily technical analysis for the USD/CHF pair on the 1-hour chart shows an attempt to move higher, touching the resistance level at 0.91160 and heading toward the next resistance level at 0.91610. The upward trend is also evident in the FXBot template, where the CHF reading is lower at 2.8 compared to the USD reading of 7.5. The bullish bias is further supported by a buy signal, indicated by a green arrow.

Suggest: Buy 0.91160 TP1 0.91400 TP2 0.91610 SL 0.90850

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.91217

0.91738

0.90710

0.90964

0.91217

-0.00253

-0.27%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.92640

0.92190

0.91610

0.91160

0.90580

0.90130

0.89550

 

 

USDJPY



On the 1-hour chart, USD/JPY is attempting to move higher, touching the resistance level at 149.480 and heading toward the next resistance level at 150.090. The upward trend is also supported by the FXBot template, where the JPY reading is lower at 5.5 compared to the USD reading of 7.5. However, the bias still indicates a bearish outlook, supported by a sell signal, indicated by a red arrow.

Suggest: Sell 149.500 TP1 149.200 TP2 148.910 SL 149.800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

148.485

149.517

148.340

149.287

148.485

0.802

0.54%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

150.660

150.090

149.480

148.910

148.300

147.730

147.130

 

XUL (LOCO LONDON GOLD)



On the 1-hour chart, the price of gold is attempting to move higher, touching the resistance level at 1861.50 and heading toward the next resistance level at 1870.00. For a bearish bias, the price of gold needs to break below the support level at 1848.10 and then move toward the next support level at 1837.10.

Suggest: Sell 1861.50 TP1 1855.00 TP2 1850.00 SL 1866.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1819.63

1834.73

1810.31

1830.07

1819.75

10.32

0.57%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1861.50

1848.10

1837.10

1823.70

1812.70

1799.30

1788.30

 

CLSK (OIL)



The daily technical analysis for oil prices on the 1-hour chart shows an attempt to move higher, needing to break through the resistance level at 86.00 to reach the next resistance level at 87.50. To shift the bias to bearish, oil prices need to break below the support level at 84.26 and then move toward the next support level at 83.54.

Suggest: Sell 86.50 TP1 86.00 TP2 85.50 SL 87.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

82.26

83.25

81.52

82.82

82.40

0.42

0.51%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

85.27

84.26

83.54

82.53

81.81

80.80

80.08


So, that concludes the explanation of "Daily Technical Analysis: October 9, 2023 – Volatile Forex Movement." Also, check out our other articles, such as guides on how to buy cryptocurrency, available only at Jurnal GIC. Don’t forget to sharpen your trading skills by getting the Scalping Ebook guide and participating in Live Trading during NFP Live Trading. Make sure to download the GIC Mobile Apps from the Google Play Store.