The EUR/USD has gained 1.5% since its November 4th bottom, a move that coincided with dovish US private labor data from the Challenger report.With the U.S. government shutdown beginning to weigh on economic activity, attention has turned toward the Eurozone, which continues to send relatively solid signals: Inflation remains stable in key economies like Germany and France (see comments from Villeroy), while growth, though modest, remains decent with a 52.5 PMI last week and retail sales up 1% year-over-year.As confidence grows in the Eurozone’s more politically stable environment—with a few exceptions such as France—and fund managers continue diversifying away from the U.S. dollar, the euro has seen strong dip-buying flows.Meanwhile, discussions around President Lagarde’s potential successor have emerged, with Knot, Nagel, and De Cos reportedly among the frontrunners—three strong policy voices within the ECB.By the way, these three members tilt more on the hawkish/conservative side for the Euro, which plays a big role in demand for a currency. This conversation is one to track for the upcoming year, as Christine Lagarde's term finishes in 2027 (except for any early resignation on her part).Adding to the supportive tone, European Commission President Ursula von der Leyen announced stricter rules on low-cost Chinese imports, a move interpreted as a sign of European strength, as reflected in today’s market reaction (however, there has been some mean reversion since)Let’s now dive into the EUR/USD rally and spot the key technical levels for the most traded FX pair. Read More:DXY outlook: The dollar drops after the US Government reopensThe 1.3000 Line in the Sand: Will the GBP/USD Break Higher or Face a Year-End Correction?Ethereum drops another 3% below $3,500 – Time for panic or opportunity?EUR/USD Multi-timeframe technical analysisDaily Chart zoom_out_map EUR/USD Daily Chart, November 13, 2025 – Source: TradingView EUR/USD has been on a V-shape recovery since last week, allowing the pair to break above its daily descending channel.With the RSI turning positive and strong daily candles, the reversal looks decisive.However, bears may find comfort in the 50-Day Moving Average coming as immediate resistance at 1.16625, right at the 1.1650 to 1.17 Pivot Zone.Keep an eye on this zone which will serve as momentum guidance: breaking above points to a retest of the 1.18 bound, while rejecting it points to further descent (retest of the 1.15 handle).Overall, the Daily trend looks like one of rangebound action between just below 1.15 to 1.18 until proven the contrary.4H Chart and technical levels zoom_out_map EUR/USD 4H Chart, November 13, 2025 – Source: TradingView Levels to place on your EUR/USD charts:Resistance Levels1.1650 to 1.17 mid-range Pivot zone1.1750 mini-resistanceResistance Zone around 1.18 (+/- 150 pips)Sep 2021 Highs – Resistance 1.19 to 1.1950 ZoneDaily highs 1.1656Support Levels1.1550 to 1.16 range support4H MA 200 Mini-support 1.161901.1475 to 1.15 Support Zone1.1350 to 1.14 SupportWeekly lows 1.154601H Chart zoom_out_map EUR/USD 1H Chart, November 13, 2025 – Source: TradingView The price action has been evolving in a steep hourly upward channel.However, some sellers appeared right at the entrance of the Pivot zone mentioned in higher timeframes, with the daily highs stalling at 1.15562.Maintaining the rejection downward could point to a retest of the 1.16 handle which corroborates with the 50-H MA and the uptrend.However, breaking new highs now would infer bull-dominance in the pair – Closing around the highs (less than 100 pips) mean that they won't give up this ongoing move.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: The 1.3000 Line in the Sand: Will the GBP/USD Break Higher or Face a Year-End Correction?Wall Street struggled in early trade on Thursday, with the main indexes such as the S&P 500 and Down Jones both sliding more than 1%.This may be a surprise to many given the fact that US President Donald Trump signed a bill ending the longest US Government Shutdown ever. However, the White House comments hint at the possibility that some data gaps are to be permanent and that employment and Consumer Price Index reports for October might never be released.This has no doubt spooked markets with the probability for a December rate cut also dropping below the 50% mark as a result. A sign of the nervousness present in the market.and could be the reason sentiment has taken a bit of a hit. zoom_out_map Source: LSEG Technology and communication stocks were the main reason the market went down. Big companies like Nvidia and Alphabet (Google) saw their stock prices fall, and a popular tech fund called the Magnificent Seven ETF also dropped.However, it wasn't bad news for everyone; Cisco Systems' stock went up after the company announced it expects to make more money than planned this year.In general, investors have been selling expensive technology and AI stocks recently, and using that money to buy stocks in "safer" areas like healthcare. This trend has helped the Dow Jones index reach new record high prices.But, the Dow was also held back by Walt Disney, whose stock dropped sharply because it's signaling a long fight with YouTube TV over carrying its TV channelsS&P 500 Heatmap zoom_out_map Source: TradingView Looking Ahead Market participants will now wait for more information on when US data and what US data will be released. If the jobs data and CPI data for October is not released, this could add to market uncertainty and leave sentiment fearful.Markets have been watching ADP private payrolls data of late which showed that private employers shed over 11,000 jobs a week through late October and Indeed Hiring Lab showed a 16% drop in retail-related job postings in October from a year ago, pointing to continued weakness in the labor market.Despite this several Federal Reserve policymakers have expressed uncertainty about a December rate cut. Comments from policymakers will be eyed later in the day and weeks ahead for more clues.Technical Analysis - Dow Jones Index From a technical perspective, The Dow Jones Index four-hour chart and the price action remains bullish.The previous swing low rests at 47413 which rests just below a confluence area which hosts the 50 and 100-day MA around the 47500 handle.If we get a four-hour candle close below the 47413 handle that would be a change in structure and the probability of a deeper correction will grow.Dow Jones Daily Chart, November 13, 2025 zoom_out_map Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Risk assets have been yo-yoing since mid-October, with fundamentals turning increasingly obscure amid the absence of US data, leaving investors hesitant to take on new risk.Cryptocurrencies have also been flashing mixed signals following the early-October rallies in Bitcoin, Solana, and Ethereum. Despite ongoing market cap outflows, the crypto space has made solid progress this year. zoom_out_map Crypto Total Market Cap Weekly Chart, November 13, 2025 – Source: TradingView Still, with prices now down roughly 32% from the $4,950 August peak, the hype in ETH has cooled substantially.Yet, it’s often when fewer people are watching that true opportunities emerge—though the question remains: is this a dip to buy or a reason to panic?Overstretched tech valuations continue to weigh on markets, as reflected in today's weakness across stock indices, and crypto is facing similar pressure.From an investment standpoint, the long term will reveal its truth—but for those without a crystal ball, a prudent approach is Dollar-Cost Averaging (DCA), which involves gradually building positions over time.For traders, the focus should stay on support and resistance levels—spotting trends between them and reacting when those levels break. Let’s now look these levels through a multi-timeframe Ethereum analysis. Read More:DXY outlook: The dollar drops after the US Government reopensNorth American mid-week Market update – Weaker numbers in the US & better ones in Canada zoom_out_map Daily overview of the Crypto Market, November 13, 2025 – Source: Finviz Ethereum (ETH) Multi-timeframe technical analysisDaily Chart zoom_out_map Ethereum (ETH) Daily Chart, November 13, 2025 – Source: TradingView Having broken its April 2025 explosive upward channel, the picture for ETH is tilting more bearish, as strong flows have brought the second-Crypto below its $3,500 momentum pivot.Multiple attempts to break resistances have been met with consequent selloffs, leading to the formation of lower-highs.A balancing rebound last Tuesday (Nov 4) marked a temporary bottom at $3,053 – the rest will be to see if the bottom holds in an eventual double bottom or if its breaks, but for now these prices are still 8% from here (But never underestimate Crypto volatility!).4H Chart and levels zoom_out_map Ethereum (ETH) 4H Chart, November 13, 2025 – Source: TradingView Levels of interest for ETH trading:Support Levels:$2,100 June War support$2,500 to 2,700 June ConsolidationRecent lows $3,053$3,500 (+/- $50) Main Current PivotResistance Levels:$3,500 (+/- $50) Main Current Pivot$3,650 Descending channel highs$3,800 September lows$4,000 to Dec 2024 top Higher timeframe pivot zone$4,950 Current new All-time highs1H Chart zoom_out_map Ethereum (ETH) 1H Chart, November 13, 2025 – Source: TradingView ETH is oscillating in a shorter timeframe descending channel which serves as immediate momentum indicator:Breaking below its support line ($3,300 to $3,330) points at more aggressive sellingBouncing at the lows of the channel points to a short-term revisit of the $3,500 Pivot Zone. Further upwards, a break above $3,700 (with preferably a session/weekly close), points to a more stable rebound that may serve for future rallies.Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The US dollar always moves in complex ways, influenced by a large multitude of factors.Some are straightforward, like a demand for the USD when the US economy performs better than its peers or when investors seek exposure to US assets and Stocks.Some dollar dynamics are more obscure, like the link between dollar strength and expected change in paths for the Fed (sometimes, even a rate cut can boost the dollar – assuming communication is not dovish) or the even more confusing banking demand for dollar funding (cross-currency basis swaps, repo dynamics, etc ...)All of this goes into fundamental analysis for the Greenback – but how weird was its rise in the middle of the longest ever US government shutdown (that just ended)?Some might say that the shutdown did not significantly influence markets – and they might be right.Odds for a December cut have been steadily decreasing since Powell's recent speech at the FOMC rate decision conference, from 98% priced in just a week before the event to the current 54%. zoom_out_map Pricing of the next Fed rate cut, November 13, 2025 – Source: CMEGroup This change of interest rate pricing could have been the reason behind the rise from 97.90 to a peak of 100.37 in the Dollar Index throughout the Government Shutdown period, but this still seems contradictory.In any case, for traders, pictures are worth a thousand words – Let's dive right into our multi-timeframe US Dollar Index (DXY) analysis. Read More:The 1.3000 Line in the Sand: Will the GBP/USD Break Higher or Face a Year-End Correction?North American mid-week Market update – Weaker numbers in the US & better ones in CanadaWTI Oil dives 4%: Black Gold freefalls after the OPEC report – OutlookDXY multi-timeframe analysisDXY Daily Chart zoom_out_map Dollar Index (DXY) Daily Chart, November 13, 2025 – Source: TradingView The past month's rise, forming an upward channel, was surprisingly tenace despite the fundamentals.But moving averages, especially Daily, can act as strong resistances – Look at how prices reacted to the 200-Day MA (currently at 100.125), which just caught up to this year's fall in the DXY.In yesterday's trading, a test of the lower bound of the upward channel failed, leading to this morning's break lower.As traders still await for public BLS data, momentum corrects back to neutral – Expect a lot of volatility as economic data makes a comeback.Its downward tilt hints at a more bearish/mean-reverting price action but a close below the channel would be required for confirmation.4H Chart and technical levels zoom_out_map Dollar Index (DXY) 4H Chart, November 13, 2025 – Source: TradingView Levels to place on your DXY charts:Resistance Levels99.60 to 99.80 mini-resistance100.00 to 100.50 Main resistance zone100.376 November highsTop of channel round 100.650Weekly highs & 4H 50-period MA 99.74Support LevelsHigher timeframe Pivot 98.80 to 99.00 (immediate test)Mini-support 98.50Main support 98.00Session lows 99.1521H Chart zoom_out_map Dollar Index (DXY) 1H Chart, November 13, 2025 – Source: TradingView Some small mean-reversion buying is taking place on the shorter timeframe, but below the steep trendline, bears are in control as prices trend in an hourly bear-channel.Two scenarios can unfold from here:A reversal from the channel lows breaks the trendline which hints at a pullback between 99.40 to 99.50 (retest of October channel bound)Sellers break the daily lows and test the 98.80 to 99.00 pivot zoneAs breakout scenarios don't seem to be materializing for now, the price action looks balanced, but still expect some volatility with this afternoon's Fed speeches: Musalem (2025 voter) and Hammack (2026 voter) go back to back at 13:15.Fed's Kashkari (2026 voter) will also appear in a few minutes.And don't forget the 30-year bond auction at 13:00 which can affect the USD and have been getting some traction as of late.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 12Traders came back from the November 11th Holiday and the Stock rotation came strong yet again.The Dow Jones pursued its strong rally higher, following European benchmarks, towards a new record close of 48,254 (+0.68%).Even on a lower scale than yesterday, tech stocks continued to see major outflows towards more traditional sectors such as Financials and healthcare – A new trend could be in its early beginnings.When looking at the renewed downmove in Cryptos, it really resembles like an aversion towards higher beta assets is at least forming.Metals however have shined bright in another remarkable session: Silver is up 4.30%, Platinum and Palladium above 2% and the same for Gold.The US House will pass a vote at 19:00 P.M. to finally reopen the US Government – This one should be successful when looking at the different concessions achieved throughout the past weekend. Read More:North American mid-week Market update – Weaker numbers in the US & better ones in CanadaUSD/JPY Outlook as it hits 155.00: PM Takaichi drives the pair to new cycle highsWTI Oil dives 4%: Black Gold freefalls after the OPEC report – OutlookCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 12, 2025 – Source: TradingView The large outperformers of today are the usual Gold and Stocks combo, but not at such an usual form:The Dow Jones has beaten its comrades to the top, while Cryptos and Nasdaq struggled.On the other side, US Oil has seen one of its craziest days in months' after this morning's OPEC report.Expect some wild days ahead!A picture of today's performance for major currencies zoom_out_map Currency Performance, November 12 – Source: OANDA Labs Yesterday's risk-on currency FX picture maintained today, and got magnified from the latest Takaichi comments (Japan's current PM).This by itself sent the Yen lower but as you may obnserve, some midday mean-reversion contained the extend of such moves.It seems like Forex participants are still awaiting for further US data to move their pieces further.A look at Economic data releasing throughout tonight and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Markets head into a loaded evening with several key data releases out of Australia, while traders await for the Shutdown vote to take place.The highlight will be Australia’s October labor report, with employment change expected at +20K and the jobless rate steady at 4.4%.Any downside surprise could strengthen the case for an RBA pivot in early 2026 after quite a tenace performance throughout 2025.Thursday shifts focus to UK GDP (Q3 preliminary) — expected to slow to 0.2% QoQ — alongside weak industrial and manufacturing figures, setting the tone for the pound.Europe follows with the ECB Economic Bulletin and additional policymaker speeches, while the U.S. calendar remains quiet due to the BLS data blackout, with no CPI or jobless claims.However, traders will stay alert for potential U.S. government reopening news at 19:00 ET, which could trigger late-session volatility.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to our mid-week North American Markets overview, where we examine the current themes in North America and provide an overview of indices and currency performances.The longest US government shutdown in history (43rd day) is still ongoing, but a resolution to finally end it appears imminent, with the House vote scheduled for tonight at 7 p.m.White House economic advisor Hassett also mentioned earlier this week that the shutdown will undoubtedly have a quantifiable negative impact on this quarter's GDP.This impact on the US economy may have just been felt through a round of worrying private data this past week.The Challenger Layoffs report indicated that the number of announced job cuts in October was the highest monthly total since October 2003. zoom_out_map October 2025 Announced Jobs Cuts – Source: Challenger Report –Published in November 2025 This was corroborated by yesterday's ADP weekly report (a new series) which showed an average drop of 11K jobs in the private sector over the past four weeks, contradicting their own positive monthly report released on November 5th.On the other hand, the northern neighbor, Canada, has been persistently surprising to the upside again. zoom_out_map Canadian Employment Change in the past 12 months – Source: Trading Economics This resilience is seen across the board: two consecutive months of surprise job gains (with October adding 67,000 jobs against an expected loss), continued consumer resilience in spending, and this morning's building permits beat of 4.5% versus a 1% expectation.The back-to-back strong labor reports have helped to strengthen the CAD, but still expect some caution at the December meeting where only 13% chance of a cut is priced.North America is facing some of the most complex and contradictory economic dynamics throughout 2025, and this complexity will only continue going forward, particularly with the White House saying that the Bureau of Labor Statistics (BLS) might not release the October numbers even after the government reopens.A bad development for the times to come – Let's see how this unfolds when the Government officially reopens.In any case, let's dive right into a few charts to get an overview on North American Markets, from US and Canadian equity Markets performance, USD and CAD performance to USD/CAD and DXY charts.North-American Indices Performance zoom_out_map North American Top Indices performance since last Monday – November 12, 2025 – Source: TradingView Stellar recovery from the Dow Jones and the TSX after the end of last week's sharp selloffs.The tech-heavy Nasdaq and S&P 500 have struggled in this ongoing rotation.Dollar Index 8H Chart zoom_out_map Dollar Index 8H Chart, November 12, 2025 – Source: TradingView Despite retracing 0.90% since last Wednesday, the Dollar Index is holding its upwards channel formed throughout October.The 8H MA 50 is acting as immediate support at the lower bound, hence reactions could be expected here.A break lower however may point at further rangebound action in the Greenback as the Market still awaits BLS data.Levels to place on your DXY charts:Resistance Levels99.60 to 99.80 mini-resistance100.00 to 100.50 Main resistance zone100.376 November highsTop of channel round 100.650Support Levels8H MA 50 acting as immediate support 99.420Higher timeframe Pivot 98.80 to 99.00Mini-support 98.50Main support 98.00US Dollar Mid-Week Performance vs Majors zoom_out_map USD vs other Majors since last Monday, November 12, 2025 - Source: TradingView Canadian Dollar Mid-Week Performance vs Majors zoom_out_map CAD vs other Majors, November 12, 2025 - Source: TradingView. Intraday Technical Levels for the USD/CAD zoom_out_map USD/CAD daily Chart, November 12, 2025 – Source: TradingView USD/CAD has started to post quite a reversal from its 1.4143 extremes attained last week.The bearish divergence with which it went down may confirm that the intermediate top might be one for the longer run, nonetheless bears will have to push the pair below 1.40 on a weekly close to confirm.RSI momentum is also starting to turn right below the neutral line.Levels to place on your USD/CAD charts:Resistance LevelsLiberation Day level around 1.4050Cycle highs 1.4143Current Resistance between 1.4120 to 1.4145Key resistance 1.4250Support Levels1.40 Major pivot (imminent support, testing)Major Daily Pivot 1.39 (+/- 200 pips)1.38 Major support +/- 150 pipsAugust range support 1.37501.3550 Main 2025 SupportUS and Canada Economic Calendar for the Rest of the Week zoom_out_map US and Canadian Data for the rest of the week, MarketPulse Economic Calendar Expect somewhat of a release drought towards the end of the week, but traders can still track what the FED has to say, particularly as the December cut appears more "live" when looking at the recent private data.What will be really interesting however will be to see how the BLS plans their releases as the Government reopens (hopefully) tonight.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

After yesterday’s 1.7% rally, many participants believed that the bottom was finally in for Oil—and for good reason. Exxon (XOM) shares surged to 2025 highs, while a series of headlines about India and other major buyers of Russian oil reinforced strong fundamentals to the fakeout. zoom_out_map Exxon (XOM) 3-Day Chart, November 12, 2025 – Source: TradingView But that would hardly fit this year’s pattern for Oil, which has preferred to zig-zag in a cloud of pricing confusion. As discussed in last month’s Oil analysis, almost every price pop has been followed by a sharp correction, resulting in a rangebound-but-downtrending market.The latest catalyst came from the Monthly OPEC report released this morning. It highlighted high US strategic reserves, sluggish Chinese growth, and persistent oversupply from nations funding their conflicts—such as Russia and Iran. The report offers a mine (pun intended) of insightful charts and is worth even a quick glance – You can access it right here.This dynamic may extend across the energy complex, as other commodities have stalled since the 2022 price spikes, plateauing through much of this year. zoom_out_map Trends in Energy Commodities throughout the year, November 12, 2025 – Source: OPEC OPEC+’s internal rivalries only add to the pressure, with member states competing for market share while the major producers continue to flood the market amid elevated supply regimes.Let's dive in our multi-timeframe analysis for WTI Oil. Read More:USD/JPY Outlook as it hits 155.00: PM Takaichi drives the pair to new cycle highsRisk-off reality: Altcoin weakness emerges as tech flows dry upLarge rotation from tech as ADP employment scares again – Market wrap for the North American session - November 11US Oil multi-timeframe analysisDaily Chart zoom_out_map US Oil (WTI) Daily Chart, November 12, 2025 – Source: TradingView Still evolving in a key downward channel, Oil has been contained by its 50-Day moving average throughout the past week and really stands out as the key technical indicator to watch.Breaking below its $59 to $60 support yet again, there isn't much to restrain prices from re0-entering the 2025 low support region between $55 to $57.The lows of the channel is a level to keep in mind at around $55.70 which would come very close to the Liberation Day lows.As long as prices fail to break and close above the 50-Day MA, the downtrend has more probabilities to hold.4H Chart and levels zoom_out_map US Oil (WTI) 4H Chart, November 12, 2025 – Source: TradingView Levels to place on your WTI charts:Resistance LevelsKey September Resistance $65 to $66Sep Support now resistance $62 to $63$61.50 50-Day MA$59 to $60 2021 Support now Pivot (breaking)Support Levels$55 to $57 2025 SupportOct 20 lows $56.38$55.70 channel lowsCurrent lows $58.561H Chart zoom_out_map US Oil (WTI) 1H Chart, November 12, 2025 – Source: TradingView The 1H picture shows one of bear dominance in this morning of price action which even led to the breakdown of this week's fresh Downward hourly channel.Still, the 1H RSI is oversold, which is slowing the current fall.A daily Close below hints at further downside, while a return within keeps a more balanced-bearish outlook.Expect more volatility looking forward and keep an eye on geopolitical headlines.Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

When the USD/JPY was free-falling toward 146.00 before the election results, few traders could have imagined such a sharp reversal was about to unfold.Appointed in early October as a replacement for the departed Prime Minister Ishiba, PM Sanae Takaichi immediately turned on the taps of massive economic support for the Japanese economy.The issue for yen bulls is that the Bank of Japan was on track to normalize monetary policy—after two decades of ultra-loose conditions—amid a return of inflation.That trajectory now faces resistance from a prime minister eager to influence the BoJ, saying she “strongly hopes the BOJ conducts policy appropriately” in a speech at the Japanese Parliament.Such remarks often trigger strong market reactions, as traders progressively price a not-so-independent central bank and politic influences hurting a stable resolution of inflation – both not good for any currency.As a result, USD/JPY has surged more than 800 pips (about 0.56%), now trading just below the 155.00 handle, a level that has already prompted verbal intervention from the Finance Minister, who condemned the yen’s rapid slide.In any case, let’s dive into a multi-timeframe analysis of USD/JPY to identify where the pair could be heading next. Read More:Markets Today: Japanese Yen Hits 9-Month Lows, European Shares Higher, FTSE Eyes Pullback. US Government Shutdown in FocusUSD/JPY multi-timeframe analysisDaily chart zoom_out_map USD/JPY Daily Chart, November 12, 2025 – Source: TradingView USD/JPY bulls launch a new offensive to break the 154.50 to 155.00 resistance which will act as a last barrier to a full-on breakout in the pair.With the Bank of Japan still hesitant to pull the trigger on a hike, only a few technical barriers are stalling the move.The 155.00 level is acting strong and will be a key point to monitor towards the session close:Expect large reactions if the pair closes above the level.Failing to close above will give more points for mean-reversion, with the market assuming that today's comments were priced in.An ascending wedge is also largely in place which contains the price action for now but also gives another element to watch on breakout/rejection scnearios.Let's take a closer look.4H Chart and levels zoom_out_map USD/JPY 4H Chart, November 12, 2025 – Source: TradingView USD/JPY technical levels of interest:Support Levels:Session lows and short-term support 154.050Short-term support 153.50Momentum pivot 152.00 to 152.50151.50 Oct 28 rebound (minor support)Resistance Levels:Session highs 155.047Daily Resistance at February 2025 highs 154.50 to 155.00 (imminent resistance)156.00 to 156.70 Next main resistance158.00 to 160.00 Yearly Resistance1H Chart zoom_out_map USD/JPY 1H Chart, November 12, 2025 – Source: TradingView The shorter timeframe shows a more balanced price action on the short-term, with some bull-exhaustion towards overbought levels.This gives that much more emphasis on the 155.00 handle which will be the level which dictates upcoming trends.If a small retracement extends from here, watch the reactions at the bottom trendline of the wedge to spot if buyers recharge – Failing to do so may prompt further downside.Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 11.Many traders were off during today's session as the world celebrates the 108th birthday of the resolution of World War INevertheless, US stocks and cryptocurrencies were open, allowing for significant rotation towards more defensive sectors and assets.Initial fears of Critical mineral export controls scaring participants subsided after China announced a one-year temporary suspension of export controls on rare earths, lithium battery materials, and other key metals.Markets Today: UK Unemployment Hits 4-Year High, Gold Advances, FTSE 100 Eyes 200-Point Rally However, the market quickly pivoted to domestic concerns.The catalyst for the downside was a weekly ADP private employment report, a new series providing a high-frequency look at the labor market.This weekly pulse offered a view contrary to the October monthly report (which saw a gain of 42K jobs): the latest numbers indicate that private employers reduced an average of 11,250 jobs a week over the past four weeks.This suggests that recent strength observed could be already a thing of the past.This bad employment news immediately drove further downside in Tech and AI-linked shares, with the Nasdaq Composite struggling and closing 0.3% lower – Nvidia lost close to 3% today.Conversely, the Dow Jones Industrial Average appreciated, rising 1.2% to close at a new record high as money rotated towards more defensive, health care and energy-related sectors, a clear rebalancing away from high-beta tech.Remember to take today's trading with a pinch of salt as volumes were much lower than the usual. Read More:Dow Jones (DJIA) is the sole performer of today's Remembrance Day tradingRisk-off reality: Altcoin weakness emerges as tech flows dry upWTI Oil Up 1.7% as Markets Grapple with Geopolitical Shocks and Structural Supply GlutCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 11, 2025 – Source: TradingView Two noticeable patterns appeared today: One with the rotation happening from tech to defensive sectors which will be one to keep an eye on looking forwards.The second being Oil and Nat Gas prices, which have began to take off in today's session amid the geopolitical turmoil happening with Russian oil purchases and much else.(To learn more, I invite you to check out our recent Oil analysis)A picture of today's performance for major currencies zoom_out_map Currency Performance, November 11 – Source: OANDA Labs The Swissie really demarcated itself today with the ongoing US-Switzerland tariff talks.You can learn more through our morning analysis of the Swiss Franc.USD/CHF Slides Below 0.80 as Tariff Relief Talks Lift Swiss FrancFor the rest, balanced price action took out some steam off of the more risk-on antipodean currencies. Keep in mind that volumes were heavily subdued.A look at Economic data releasing throughout tonight and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Wednesday will be data-heavy from Europe through Asia-Pacific, offering several directional drivers.Early in the day, Germany’s CPI will confirm inflation holding steady (+0.3% MoM, +2.3% YoY), keeping the ECB on pause but watchful – Several ECB officials (Schnabel, De Guindos) will be speaking afterward.The USD session features a full Fed speaker lineup — Williams, Waller, Bostic, and Collins — which will be interesting after the consecutive dovish employment reports.Late in the global day, attention turns to the Australian jobs report, where markets expect +20K new positions and an unemployment rate steady at 4.5%.Any miss here could strengthen bets for earlier RBA easing, especially if Inflation Expectations (4.8%) show further moderation.The Bank of Canada’s Summary of Deliberations also lands mid-session, offering deeper insight into its latest policy hesitation.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: Gold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Oil prices went up by 1.7% on Tuesday as markets grappled with the latest US sanctions on Russian Oil against optimism that the US Government shutdown could end soon.The challenge for bulls is that concerns continue to linger around oversupply in Q4 of 2025 and beyond.Global Supply Audit and Inventory Accumulation Concerns around a supply glut is down to major oil producers, including the United States, the members of OPEC, and Russia, are all pumping very large amounts. The resilience of US shale output, combined with the difficulty in coordinating deep, sustained cuts across the OPEC+ alliance, has maintained production at levels that consistently exceed utilization.The physical consequences of this glut are evident in global inventory dynamics. There has been a recent spike in crude oil stored onboard ships, often termed "floating storage," particularly in Asian waters.Furthermore, substantial volumes of unsold cargoes are accumulating in the Middle EastThis accumulation on both land and at sea points directly to softening immediate demand and signals a profound weakness in the physical spot market. When sellers must compete to offload stockpiles, it raises fears of prolonged price weakness.This has been playing on the mind of market participants for the last few months which has no doubt kept Oil prices subdued.Macroeconomic Headwinds and Currency Effects Adding further downward pressure to the market are significant macroeconomic headwinds.Global oil demand growth remains sluggish, contributing to the existing surplus. Furthermore, the sustained strength of the US dollar of late, influenced by delays in anticipated Federal Reserve rate cuts, makes dollar-denominated crude oil more expensive for international buyers. This currency effect acts as a marginal dampener on demand, exacerbating the supply/demand mismatch.The fact that inventory accumulation is so widespread implies that the market structure is either in contango or rapidly moving toward it, where future prices significantly exceed spot prices.This structure compensates traders for the cost of storage, reinforcing the bearish view that immediate supply far exceeds current needs, thereby favoring strategic stockpiling over immediate consumption.A significant downside risk stems from the potential fragility of OPEC+ compliance. Despite the current surplus, there remains the risk of further increases in OPEC+ production targets.Should compliance falter, or should high-volume producers abandon output restraint, the glut would worsen instantly, potentially accelerating the technical move toward the $55.00 level.The Lukoil Sanctions Shock Another factor affecting Oil prices was the trouble faced by the Russian company Lukoil in Iraq due to US sanctions. Because of the sanctions, Lukoil could not handle international payments, forcing it to stop certain activities at the West Qurna-2 oil field. This field is very important to Iraq, producing about 480,000 barrels of oil a day, or about 9% of their total output.Right now, Iraq's oil authorities have stopped all payments both cash and oil shipments owed to Lukoil because they must follow US and UK sanctions. This payment freeze is causing immediate operational problems.The biggest long-term risk is that if the payment issues aren't fixed, Lukoil has threatened to completely stop production and leave the massive West Qurna-2 field within six months. Losing such a huge producer would be very hard for Iraq to manage and represents a major, long-term risk that could seriously reduce global oil supply in the future.Furthermore, these sanctions are having an indirect effect on the current oil oversupply. Sanctions are forcing big Asian buyers like China and India to purchase less Russian oil and instead buy more from the Middle East. This unsold Russian oil is then being stored on ships or in reserves, adding to the existing global oil surplus and pushing prices down.Technical Analysis - WTI Oil From a technical analysis standpoint, WTI crude oil has been stuck in a consolidation phase in the critical $59.50 to $62.00 zone, an area that has exhibited significant "market memory" from previous trading periods.The long-term descending trendline is being tested at present at the same time the RSI period-14 has crossed above the 50 neutral level.Is this a precursor to a trendline break?Even if it is, recent price action suggests that bullish momentum may fade quickly. This is also backed up by the overarching macroeconomic factors discussed above.WTI Oil Daily Chart, November 11, 2025 zoom_out_map Source: TradingView (click to enlarge) Client Sentiment Data Looking at OANDA client sentiment data and market participants are long on WTI with 86% of traders net-long. I prefer to take a contrarian view toward crowd sentiment and thus the fact that so many traders are long means WTI prices could decline in the near-term.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

While Bitcoin (BTC) is holding well above the $100,000 mark, digital gold is suffering today, down about 2.30% as we speak.While the initiator is still surviving from not-so-bullish signals, the strength of the broader crypto market is being challenged by its lower-cap peers.Altcoins such as Solana (SOL), Dogecoin (DOGE), and XRP are sending some scarier signs through increased selling pressure.Still, major platform coins Ethereum (ETH) and BNB are both holding relatively strong, seeing less dramatic outflows compared to their more volatile counterparts.Despite being up since the lows of Monday, November 3rd, the Total Market Cap is still close to 20% down from its all-time highs. This sharp correction may start to trigger some anxiety among crypto aficionados who saw quick, parabolic gains earlier this year. zoom_out_map Total Crypto Market Cap, November 11, 2025 – Source: TradingView This sector-wide caution is partially mirroring trends in tech: selling flows in everything related to tech have been more common as of late.High-profile figures, including OpenAI's CFO (ChatGPT's creator) and the Nvidia CEO, have sent out warnings regarding overstretched investments in AI and the prospect of fierce Chinese competition.Nevertheless, the crypto market is still in a fundamentally better state than it was years ago, particularly as it comes to public investing and regulations – Progress is rarely linear in such a revolutionary market.Let's explore intraday charts and technical levels for Bitcoin, ETH, SOL and XRP. Read More:Dow Jones (DJIA) is the sole performer of today's Remembrance Day tradingUSD/CHF Slides Below 0.80 as Tariff Relief Talks Lift Swiss FrancMarkets Today: UK Unemployment Hits 4-Year High, Gold Advances, FTSE 100 Eyes 200-Point Rally zoom_out_map Daily overview of the Crypto Market (15:52 ET), November 11, 2025 – Source: Finviz Intraday Charts for BTC, ETH, SOL and XRPBitcoin (BTC) 8H Chart zoom_out_map Bitcoin (BTC) 8H Chart, November 11, 2025 – Source: TradingView As expressed through many of our preceding Crypto market analysis, as long as Bitcoin holds above $100,000 (on Daily and Weekly closes), market participants shouldn't be too afraid.Nonetheless, some bearish signals are emerging from an RSI which struggles to pass above the neutral line, and which also corresponds with the breakdown-retest-rejection that happened around $107,000 just yesterday.Keep an eye on daily closes and sentiment – Tech and cryptos have surprised with much resilience throughout this entire year and new highs can always happen in a flash.However, for the odds of such an occurrence to increase, a daily close above the $110,000 and the ongoing descending channel would be necessary.Levels of interest for BTC trading:Support Levels:$99,000 to $100,000 Main Support$93,000 mini-support$85,000 mid-term Support (+/- $1,500)$75,000 Key long-term supportResistance Levels:Current ATH Resistance $124,000 to $126,000Current all-time high $126,250$116,000 to $118,000 ResistanceRecent highs at $107,300Major Pivot at previous ATH $106,000 to $108,000 (and 4H MA 50)Ethereum (ETH) 8H Chart zoom_out_map Ethereum (ETH) 8H Chart, November 11, 2025 – Source: TradingView Similarly, Ethereum has entered a corrective sequence since beginning October, with prices evolving in a downside channel.Still, monitor the $3,500 Pivot (+/- $50) – Whether the action closes above or below will be consequential for upcoming trading.Levels of interest for ETH trading:Support Levels:$2,100 June War support$2,500 to 2,700 June ConsolidationRecent lows $3,053$3,500 (+/- $50) Main Current PivotResistance Levels:$4,000 to Dec 2024 top Higher timeframe pivot zone$4,200 to $4,300 consolidation Zone$4,700 to $4,950 All-time high resistance zone$4,950 Current new All-time highsSolana (SOL) 8H Chart zoom_out_map Solana (SOL) 8H Chart, November 11, 2025 – Source: TradingView Evolving in a bearish channel since about 1-month, the outlook for Solana is decisively more bearish. Some could point that the crypto has already corrected quite a lot from its recent highs.In terms of investing, there could be an argument to enter here but in terms of short-term outlook, the overall Crypto market would need to advance further in order to tilt to the bull side again.The -35%+ correction from its $250 highs is also reacting from the similar RSI pattern seen in other cryptocurrencies – Take a close look at the $140 to $150 Support, a key level to hold to prevent for further bearish continuation.Levels to keep on your SOL Charts:Support Levels:Resistance turned pivot level $218 to $220Support zone $200 to $205Recent lows $191$185 higher timeframe momentum supportResistance Levels:Current Pivot Zone $160 to $165$180 to $190 Resistance$200 Psychological Level$253 recent highsXRP 8H Chart zoom_out_map XRP 8H Chart, November 11, 2025 – Source: TradingView XRP has entered its profit-taking/corrective sequence since July already.The RSI is not pointing to the same bearish signs as seen in the other coins above.Nevertheless, cryptos tend to move in tandem and except for TRX today, all other major alts are struggling in this ongoing trend.Watch for the current test of Support – A break below Monday lows would point to more continuation ahead.Levels to keep on your XRP Charts:Support Levels:Key support at $2.30 (immediately testing)$2.07 Recent lows$2.00 psychological level$1.60 April 2025 support$1.37 Friday wick$1.30 to $1.40Resistance Levels:Main Support now Pivot - $2.60 to $2.70Resistance at March $3.00 Wick$3.10 to $3.20 resistance$3.40 Resistance ZoneCurrent ATH resistance around $3.66Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

This Monday, with most markets closed globally for Remembrance Day (World War I holiday), trading activity is noticeably subdued, particularly with US bond markets closed. Nevertheless, US stock markets remain open and trade on generally lower volume.The past two weeks of action have shown significant market hesitancy and volatility, largely due to the ongoing desperation for reliable public data following the recent government shutdown and the absence of key Bureau of Labor Statistics (BLS) releases. Profiting from this data-vacuum, ADP seized the opportunity to release a new weekly private employment report, and this one wasn't pretty.Today's release shows a rolling average of -11,250 jobs in the past four weeks.You can learn more on how it works right here – But for general info, ADP will release this new data 3 weeks out of 4, with the 4th still reserved for the Monthly report.It's pretty much ADP's trial at a weekly Jobless Claims data. zoom_out_map US Stock Market daily snapshot – November 11, 2025 – Source: TradingView In the meantime, major US indices are performing somewhat erratically: the Nasdaq and S&P 500 are both trading down, while the Dow Jones Industrial Average is trading up. zoom_out_map US Equity heatmap – November 11, 2025 – Source: TradingView Look at how today's rotation turned towards defensive sectors like Consumer staples and Commercial services.We'll seize the opportunity to dive into a multi-timeframe analysis of the DJIA Read More:USD/CHF Slides Below 0.80 as Tariff Relief Talks Lift Swiss FrancMarkets Today: UK Unemployment Hits 4-Year High, Gold Advances, FTSE 100 Eyes 200-Point RallyMetal rally ignites: Silver surges back above $50 levelDow Jones (DJIA) multi-timeframe analysisDaily Chart zoom_out_map Dow Jones Daily Chart, November 11, 2025 – Source: TradingView The daily picture offers a stable uptrend supported by both the 20 and 50-Day moving averages which are also upward sloping. A generally good sign for bulls, even further as it gets confirmed by similar signs on the Daily Relative Strength Index.Still evolving within a key upward Channel since May 2025, participants will want to monitor whether:A new record gets reached and breached with strength (a U-turn at previous highs is on the other hand not a good sign)Highs get reached without a new confirming sign from Relative Strength, indicating divergence (for now not the case)4H Chart and Technical levels zoom_out_map Dow Jones 4H Chart, November 11, 2025 – Source: TradingView Some strong momentum has helped the Dow to gain further traction to break above the 47,500 Resistance zone – However stay careful after low-volume sessions. Things can change when all players come back from their break – Tomorrow's open will be essential to watch: Staying above the resistance should see not much resistance to a test of the All-time Highs.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,090Immediate resistance zone 47,500-47,650 (broken)Session high 47,740 (and counting)ATH Resistance Zone 47,900 to 48,100Fib-Induced potential resistance between 48,400 to 48,720Support LevelsHigher timeframe pivot 46,900 to 47,20046,400 major support46,000 higher timeframe Pivot now supportJanuary 2025 All-time high 45,000 & Psychological zone (+/- 150)47,300 session lows and 4H MA 501H Chart zoom_out_map Dow Jones 1H Chart, November 11, 2025 – Source: TradingView Buying momentum shows a bit overextended on the 1H timeframe, bringing some profit-taking but candles are still very strong having broken above the downward topline from the ATH.Having broken the last main resistance zone, tomorrow's open will need be closely observed as confirmation, but not much stands to reaching the all-time highs (48,040).Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

It's a holiday in many OECD countries for the Remembrance of the Great War (World War I).As most banks are closed throughout Europe and North America, Swiss banks maintain their regular activity, and traders are not sleeping on the latest trade news. US President Donald Trump confirmed yesterday that Washington is "working on a deal to get the tariffs a little lower" after Swiss business leaders stepped in to drive talks forward. zoom_out_map Different tariff rates per economy – Source: BBC Switzerland is reportedly closing in on securing a much more contained 15% tariff rate—a vast improvement compared to the harsh 39% tariffs imposed in August, which were the highest levies faced by any developed economy.With the current punitive tariffs already starting to bite into Swiss economic activity, impacting GDP growth in Q3, traders are now pricing in a more stable outlook ahead which put CHF in front of the FX board. zoom_out_map Daily FX performance board – Source: Finviz – November 11, 2025 at 9:47 AM The rest is to see if the talks, which involved Switzerland's top trade diplomat Helene Budliger Artieda and Swiss corporate executives, materialize into something concrete within the speculated timeframe of several weeks.Let's dive into a multi-timeframe analysis and trading levels for USD/CHF, the most volatile major pair of the session. Read More:Markets Today: UK Unemployment Hits 4-Year High, Gold Advances, FTSE 100 Eyes 200-Point RallyMetal rally ignites: Silver surges back above $50 levelUSD/CHF Multi-timeframe technical analysisDaily Chart zoom_out_map USD/CHF Daily Chart, November 11, 2025 – Source: TradingView USD/CHF has been moving in up/down yo-yos since the July (1st) bottom in the pair. Some new yearly lows (0.7830) got reached just ahead of the September FOMC, however no trend has materialized since, which leads to general rangebound conditions in the pair.The rest will be to see if the appearance of a new deal could generate enough traction to create a new trend in the pair as it reaches the Pivot zone just around the 0.80 level (+/- 100 pips).RSI Momentum is moving below the neutral level, but looking at the upward channel that appeared from the recent highs, it will be interesting to see how the Market reacts to its lower bound test (around 0.7960).4H Chart and technical levels zoom_out_map USD/CHF 4H Chart, November 11, 2025 – Source: TradingView Levels to place on your USD/CHF charts:Resistance LevelsPast week highs 0.812440.8050 Resistance mid-term resistance0.8120 to 0.8180 Daily Resistance0.8250 to 0.83 next resistanceSupport LevelsPivot zone 0.80 level (+/- 100 pips)0.79 (+80 pips) 2025 Main Support2011 Support 0.7830 to 0.78602025 Lows 0.78301H Chart zoom_out_map USD/CHF 1H Chart, November 11, 2025 – Source: TradingView The pair formed a downward channel on shorter timeframes and comes at a key technical point.The higher timeframe and shorter timeframe pivot zones are converging just below the 0.80 level.A close below will point to at least a test of the Daily Upward channel lower bound.A rebound here could retest the zone which sees a confluence of the 50 and 200 Hour MAs.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Tech Stocks Falter as China Eyes Rare Earth Curbs Again Most Read: Why the end of the US shutdown sparks a huge rally in StocksThe positive momentum in global stock markets, which had been boosted by the hopeful news of a deal to end the US government shutdown, fizzled out in Asian trading.This change was caused by reports that China plans to restrict its exports of rare earth minerals to the US, which brought back worries about trade tensions.The main index for Asia-Pacific stocks (MSCI) first went up but then reversed its direction, dropping by 0.3%, with Chinese markets falling the most. China's main stock benchmark dropped 0.9%.Japan's Nikkei index also lost its early gains and fell 0.5%, mainly because shares of large semiconductor companies dropped heavily.The overall mood got worse after The Wall Street Journal reported that China will speed up export approvals for most rare earth companies but block exports from any company connected to the US military.This action raised fears of a new, intense fight over trade between the world's two biggest economies, even as the US continues to make progress toward ending its record-long government shutdown.UK Unemployment Rises and Wage Growth Slows In the UK, regular pay (not including bonuses) increased by 4.6% in the three months leading up to September 2025 compared to the year before. The average regular weekly pay was GBP 684.This rate of increase was slightly slower than the 4.7% rise seen in the previous three months and matched what analysts expected. In fact, this was the slowest growth in regular pay since early 2022.This slowdown was mainly because private sector wages slowed down to 4.2% (from 4.4%), reaching their lowest point since late 2021.However, public sector pay saw a sharp increase, accelerating to $6.6\%$ (up from $6.0\%$), which was the fastest rise since late 2023.Looking at different job sectors, the biggest yearly pay jumps were in wholesale, retail, hotels, and restaurants (5.7%). Other gains were seen in services (4.7%), manufacturing (4.4%), construction (3.5%), and finance and business services (2.7%).When considering the effect of rising prices (inflation), the actual spending power of wages only grew by 0.5%, which is the slowest 'real wage' growth since 2023.The UK's unemployment rate rose to 5.0% in the third quarter of 2025. This is the highest rate since May 2021 and was slightly worse than analysts had predicted (4.9%).The total number of people out of work went up by 117,000 from the previous quarter, reaching 1.789 million. This increase was mostly seen in two groups: people who were recently unemployed (up to six months) and those who have been jobless for a very long time (over a year).At the same time, the total number of people with jobs fell by 22,000 to 34.192 million. This was the first time employment has dropped since early 2024 and was mainly due to fewer full-time jobs.Interestingly, the number of people holding a second job went up slightly to 1.33 million. Overall, the percentage of people with jobs (the employment rate) fell slightly to 75.0%.The softer data has already seen market participants increase expectations of a December rate cut from the Bank of England.European Session - Shares Advance, FTSE Eyes Rally Post Breakout European stocks continued their rise on Tuesday, mainly because investors were hopeful about a potential end to the record-long US government shutdown. This good feeling was also helped by some positive company earnings from telecom businesses like Vodafone.The main European stock index, the STOXX 600, climbed 0.5%, hitting its highest level in two weeks. Global markets had a strong start to the week, with European stocks seeing their biggest daily gain in six months on Monday, as traders were relieved that the end of the US shutdown would mean the release of important government data would resume. The good news came late Monday when the US Senate approved a deal to restore federal funding and end the shutdown.However, some investors remained cautious about what impact the lack of government funding so far might have had on the large US economy.In company news:Vodafone shares jumped $5\%$ after the British company raised its financial forecasts for the full year and reported a return to sales growth in Germany. This helped push the overall telecommunications sector higher.On the other hand, INWIT stock fell $8.4\%$ after the major Italian mobile towers company lowered its revenue forecast for the next year, even though its quarterly profit had increased.On the FX front, the Japanese Yen, which is generally considered a "safe-haven" currency, dropped to its lowest value since February on Tuesday.At the same time, currencies viewed as "riskier" (like the Euro and the British Pound) were strong against the US Dollar. This shift is happening because traders are anticipating the long US government shutdown will end, which improves the market's overall mood and reduces the need for super-safe assets like the Yen.The Euro remained stable at 1.1555, and the British Pound steadily increased to 1.3165.In contrast, the New Zealand Dollar (NZD) continues to face pressure due to its slowing economy. It dipped 0.2% to 0.5635, close to its lowest point in seven months.On Monday, the NZD hit its weakest level in 12 years against the Australian Dollar, which shows that the two neighboring countries have very different outlooks for their future interest rates.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices fell slightly in Asian trading on Tuesday. This dip happened because worries about having too much oil available (oversupply) were more impactful than other factors.1 Those other factors included the uncertainty about what US penalties on major Russian oil companies like Rosneft and Lukoil would do, and the positive feelings about the US government possibly reopening.The price for Brent crude oil futures dropped by 27 cents, or 0.4%, settling at 63.79 a barrel.US West Texas Intermediate (WTI) crude oil was also down by 27 cents, or 0.5%, priced at 59.86 a barrel.Both types of oil had actually seen their prices go up by about 40 cents in the trading session before this one.Gold prices went up again on Tuesday, reaching their highest point in almost three weeks. This increase was mainly because people are increasingly expecting the US central bank (the Federal Reserve) to lower interest rates again in December. Also helping the price was the news that the U.S. government shutdown might be ending.Specifically, spot gold (for immediate purchase) was up by 0.4% to 4,131.32/oz, and US gold futures (for December delivery) rose by 0.4% to 4,137.50/oz.For more on Gold prices, read Gold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Economic Calendar and Final Thoughts The European session will bring German and Euro Area Zew sentiment data as well as comments from both Boe and ECB policymakers.Attention will then turn to the US, where the Senate approved a bill to end the government shutdown yesterday. The House of Representatives is expected to vote on it in the next couple of days, and while it's not absolutely guaranteed, it is widely expected to pass.In the coming days, markets may lack a clear direction.On one hand, the prospect of the government reopening allows markets to relax about the negative effects the shutdown might have had on economic growth. On the other hand, the restart of official US economic data releases carries a real risk of negatively affecting the US Dollar. I think this second factor will be more important. In my view, markets are underestimating the potential negative news that might come out regarding the labor market and short-term US interest rates, which would ultimately push the Dollar lower toward the end of the year zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 has broken out of the wedge pattern which has been in play of late.The breakout sets the index up for a potential 220-odd point rally to the upside.A retest of the wedge cannot be ruled out and may present a better risk-to-reward opportunity.Immediate support rests at 9840 before the 9800 handle comes onto focus.FTSE 100 Index Daily Chart, November 11. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 10.This week opened on some false hopes for an early conclusion of the US government shutdown after what were described as productive US Senate discussions this past Sunday. Unfortunately, those initial hopes did not materialize, but there is light at the end of the tunnel.We are now on the 40th day of the shutdown, and the pressure is mounting. The airport situation in the US is becoming disastrous, with more than 1,000 flights seeing delays due to a critical shortage of air traffic controllers. Nonetheless, prediction markets remain optimistic, currently pricing a 92% chance that the shutdown will finally end within the next five days. zoom_out_map When will the Government shutdown end? – Source: Polymarket – Nov 10, 2025 Spot how the odds changed after yesterday evening The discussions themselves have fueled a rally in Stocks, as news filtered out that many Democrats are folding on key concessions and losing leverage, which would ultimately give further advantage to Republicans in the final deal. Why the end of the US shutdown sparks a huge rally in Stocks This political development—detailed in an interesting piece by Axios—has seen fiscal concerns arise again. The market is anticipating that a Republican-favored resolution will likely involve more spending and less fiscal discipline, which immediately sent another impulsive wave of bullishness into Metals, but at the cost of the US Dollar. Metal rally ignites: Silver surges back above $50 levelGold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Markets Weekly Outlook – Traders get impatient for the US shutdown to endCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 10, 2025 – Source: TradingView The picture is very familiar for those who have been trading throughout the first half of 2025: Stocks (particularly European and Tech) have loved the session, with metals enjoying it even more at the cost of the US dollar and US treasuries.A familiar open that also adds some spice in a week that is expected to be a rollercoaster! Get ready.A picture of today's performance for major currencies zoom_out_map Currency Performance, November 10 – Source: OANDA Labs Antipodean, typically profiting from risk-on conditions appreciated the turn in Markets to start the week – However, AUD and NZD traders should stay cautious with key data for both New Zealand and Australia releasing this week.On the other side of the spectrum, the CHF but even more the JPY, two safe-havens, took a hit from the better market mood.The yen saw particular disinterest from overnight comments from Takaichi, further reaffirming the ultra-loose policies she wants to put in place and which have been so detrimental to the Japanese currency performance.The dollar also got sold off due to fiscal concerns, but avoids being the weakest currency of the FX major board.A look at Economic data releasing throughout tonight and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The evening session opens quietly with a few early catalysts, including Japan’s Current Account (closely watched with the Takaichi policies) and New Zealand’s Q4 Inflation Expectations, key for upcoming decisions (RBNZ has been lost in terms of their next moves).Momentum picks up sharply on Tuesday, with the UK’s full labour market report due early — wages are expected to ease slightly (+4.9% YoY including bonuses), and the Claimant Count could show another 20K+ increase, confirming softening momentum in Britain’s job market.In Europe, the focus turns to Lagarde’s speech and the German ZEW survey, where sentiment is seen stabilizing but still deep in negative territory (Current = –77.5, Expectations ≈ 40).The USD session rounds off with Fed’s Barr late in the day and the ADP 4-week average, a soft preview of labour conditions heading into next month’s jobs report.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Metals attempt to retake their unforeseen 2025 run higher in today's wild session.Higher than expected inflation, released on Oct 24 during to the BLS shutdown, brought back some calm in a squeezing metals market.While Gold went from $4,380 to just below $3,900, marking a 10.80% correction, Silver moved even more sharply with a drawdown of 16%.A comeback in the US Dollar and hawkish Fed repricings had severely hurt demand for metals. However, this demand is now rapidly coming back as the yet-again pushed back government reopening is being priced for a Republican sweep, where more aggressive fiscal spending is widely expected to remain reckless.This was one of the main proponent of the run in Gold and Silver throughout the beginning of the year.Up about 4.50% as we speak, Silver is pressing its bullish momentum to close the opening session. Let's dive into a multi-timeframe analysis from the Weekly to an intraday chart to spot where prices could be heading. Read More:Gold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Why the end of the US shutdown sparks a huge rally in StocksSilver (XAG/USD) multi-timeframe analysisWeekly chart zoom_out_map Silver (XAG) Weekly chart, November 10, 2025 – Source: TradingView As explained in our previous edition from a few weeks prior, the squeeze in Silver was so steep that many participants could not operate.A run on the precious metal took its prices up close to 50% from Powell's Jackson Hole speech to its all-time highs ($54.48) in less than 50 days.The consequent correction was deep but buyers nonetheless re-entered with force October 28th, right before the FOMC – The wick on the weekly candle created a bullish weekly hammer which promptly saw some follow through.Failing to fill bids at the 50-week moving average, participants rushed in the market to not miss the ongoing rally which reinforced its strength; The metal is now up 10% from its $45.55 lows.The current weekly candle is one of a bullish impulse which prompts further continuation – A test of the 2025 highs would be required to maintain the bullish scenario.Daily Chart and levels zoom_out_map Silver (XAG) Daily chart, November 10, 2025 – Source: TradingView Levels to watch for Silver (XAG) trading:Resistance Levels:2025 record $55.48$52 to $53 mini-resistance$50.50 to $51 mini-resistance at 61.8% fib of corrective movePotential resistance 1 $57.50 to $60 (1.382% from 2022 lows)Potential resistance 2 $62 to $65 (1.618 from Impulsive Move)Support Levels:$48 to $49 2011 High Pivot$47 low of potential daily channel$45.55 October 28 lows$43.00 to $45.00 Weekly pivot$39.50 to $40 higher timeframe support2012 Highs Support around $37.504H Chart zoom_out_map Silver (XAG) 4H chart, November 10, 2025 – Source: TradingView Silver has put an impressive start to this week but is facing a critical lower timeframe test:The 61.8% Fibonacci level from the end-October correction is creating an essential pivot zone between $50.50 and $51.The candles are strong and not indicative of a pullback for now, however consolidation may ensue due to overbought levels.A rejection here could still face support between $48.30 to $49, a support zone that includes the 50 and 200 4H-period MA.A daily close at current levels would nonetheless assume that bears are absent of the battle – Keep a close eye on potential breakouts (or in a lack thereof, a small reversal).Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Gold prices saw a sharp rise at the start of the trading week. The precious metal is trading up around 2% on the day and holding near the 4100/oz handle.Last week, new data (data from 3rd party sources) came out showing that the US economy lost jobs in October, particularly in government offices and retail stores. Adding to this bad news, a report on Friday showed that Americans felt much less confident about the economy in early November because families were worried about things getting worse financially.Because of this weak data, financial markets now believe there is a 60% chance that the Fed will cut interest rates in December. By January, the chances of a rate cut increase even higher, to about 80%. zoom_out_map Source: CME FedWatch Tool Market Dynamics and Correlation Analysis The price of Gold (XAU/USD) jumped up even though the US Dollar was on the offensive at the start of the week.Usually, when the US Dollar gets a little stronger, Gold's price goes down, but this time, Gold kept rising. This suggests that Gold's movement is currently being driven by specific issues inside the US, mainly changes in the Federal Reserve's interest rate policy and growing worries about the economy and not just the normal ups and downs of the dollar.US Equities were also on the offensive at the same time as Gold, a trend that runs contrary to their traditional inverse correlation (where stocks fall and gold rises as a safe haven).Everyone expects the Fed to cut rates, which is like injecting a lot of money into the system. This expected money boost helps two things at once: it makes the future earnings of companies (stocks) look more valuable, and it makes it cheaper to hold onto Gold.Because of this new trend, Gold traders may be more inclined to now watch what major stock markets do, with influential stocks like Nvidia being very important for predicting where Gold will go next.Technical Analysis - Gold (XAU/USD) From a technical standpoint, Gold XAU/USD is decisively bullish in the immediate term, supported by a critical technical break and strong fundamental drivers tied to the perceived Fed pivot.The current risk/reward profile favors long positions, provided the pivotal $4,000–$4,027 support band holds.There is also a triangle pattern which was broken last week Thursday. The breakout has gathered pace today and could see Gold reach a target of around the 4250/oz handle if the pattern plays out as it should.In the near-term, acceptance above the 4100/oz handle remains crucial for bulls who are looking for higher prices.Immediate support rests at 4062 (100-day MA) before the 4050 and 4000 handles come squarely into focus.Gold (XAU/USD) Four-Hour Chart, November 10, 2025 zoom_out_map Source: TradingView (click to enlarge) Client Sentiment Data - XAU/USD Looking at OANDA client sentiment data and market participants are Long on Gold with 74% of traders net-long. I prefer to take a contrarian view toward crowd sentiment and thus the fact that the majority of traders are net-long suggests that Gold prices could continue to slide in the near-term.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The political gridlock has finally broken. The US Congress has officially voted to reopen the federal government, providing an immediate positive catalyst for equities that is erasing the market blues of the past week.The longest-ever government shutdown initially had a muted impact, but as its consequences—such as delays in key economic data, reduced flights, and halted essential functions—began to accumulate, markets took a noticeable negative turn last week.However, the Senate's decisive vote on a compromise bill, which saw moderate Democrats break with their party leadership to make key concessions (such as securing a future vote on extending healthcare subsidies), has fueled today's optimism.Participants are interpreting that a Republican sweep is expected to be an even greater booster for stocks.Today’s sector dynamics are turning more bullish for tech-heavy firms: the market is green across all indices, heavily propelled by the "Magnificent Seven" stocks – notably Nvidia and Tesla, which are up by more than 3%. zoom_out_map US Equity heatmap – November 10, 2025 – Source: TradingView Conversely, more defensive sectors (like consumer staples, medical, and home appliances) are lagging.An anticipation of a "Buffett retirement effect" could be hitting defensive names, which Berkshire Hathaway has traditionally sought throughout Buffett's tenure.After a long and storied career, the 94-year-old value investing legend is expected to publish his official farewell letter today.Elsewhere, Gold has rallied massively, while bonds have corrected.This flow suggests that while the shutdown uncertainty is gone, the spotlight immediately pivots back to the deteriorating US fiscal outlook and the costs of the political concessions made to reopen the government, with Republicans dominating the outlook going forward.This discomfort with fiscal sustainability continues to underpin the resilience of precious metals.In any case, for now, the immediate action is bullish in US indices, but more so in the tech-heavy Nasdaq.Let's observe intraday charts and key technical levels for the Dow Jones, Nasdaq, and S&P 500. Read More:Markets Today: Gold Hits 2-Week Highs, China CPI Accelerates, Diageo Appoints New CEO and FTSE 100 Consolidates. US Government Shutdown in FocusMarkets Weekly Outlook – Traders get impatient for the US shutdown to endDow Jones 8H Chart and technical levels zoom_out_map Dow Jones 8H Chart, November 10, 2025 – Source: TradingView Despite the bullish overnight session and open for the Dow, the rotation from defensive sectors is hurting the industry-heavy index.Sellers are bouncing off of the 50-period MA and short-term descending topline which may provide resistance for upside progress as long as prices remain below.With momentum also rejecting the neutral RSI mid-line, selling seems to be taking the hand as I speak.Look for the daily close: Above 47,000, buyers remain in control of the long-run trends.Below however, the past week of downside may have a longer drag.As indicated in our end-week Index outlook, for long-term investors, keep an eye on the 45,000 level to spot if the uptrend is prioritized.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,0908H MA 50 and resistance at 47,500Session high 47,340ATH Resistance Zone 47,900 to 48,100Support LevelsHigher timeframe pivot 46,900 to 47,20046,400 major support46,000 higher timeframe Pivot now support45,000 psychological level44,400 to 44,50046,950 session lowsNasdaq 8H Chart and levels zoom_out_map Nasdaq 8H Chart, November 10, 2025 – Source: TradingView Despite the ecstatic overnight and opening trading, reactions to downside technical patterns (channel and 25,500 resistance) are leading to some downside.Still, the actual index shows a strong gap higher and tech-leaders are pulling further in their lead.A 2H 50-period MA is acting as immediate support and leading to some short-term buying.Bulls will have to break and close above the 25,580 session highs to prompt further upside – Bears on the other hand will want a break below 25,365.Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283 (CFD)All-time high resistance zone 26,100 to 26,300Intermediate resistance and 4H MA 50 25,700 to 25,850Mini-resistance at 25,500 Gap (immediate resistance)Session highs 25,580 and Channel topSupport LevelsCurrent Pivot 25,050 to 25,200 (Tuesday lows 25,186)24,500 intermediate supportOctober lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportSession Lows 25,450S&P 500 8H Chart and level zoom_out_map S&P 500 8H Chart, November 10, 2025 – Source: TradingView There has been some short-term rejection at the topline but some dip-buying has helped an initially-bearish candle to turn more neutral.Similarly as the other indices, the S&P 500 is reacting to some immediate resistance but with the current breadth of the rally, the S&P 500 looks relatively more solid than its peers.Nevertheless, market mood spreads throughout all indices, therefore today's close will be important to check.After the gaps higher, it will be key to spot if continuation holds or if this was only a retracement toward a longer-run correction.S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)ATH Resistance 6,900 to 6,930Intermediate resistance 6,830 to 6,855Daily highs 6,796Support Levels6,707 session lowsPivot and MA 200 6,720 to 6,750 (testing)6,680 to 6,700 support6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (4H MA 200 Confluence)Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Nikkei Up 1.2% Most Read: Markets Weekly Outlook – Traders get impatient for the US shutdown to endStock prices went up and government bonds (Treasuries) went down because people felt hopeful about a possible deal to end the longest US government shutdown. This good feeling came after a chaotic week where investors worried about whether Artificial Intelligence (AI) company stocks were too expensive.The major MSCI Asia Pacific Index gained almost 1%, with twice as many stocks rising as falling. Japan's Nikkei stock average also climbed more than 1% on Monday, following the positive feeling from US stock futures because traders hoped the US shutdown would soon be over.The Nikkei ended the day up 1.26% at $50,911.76.In Japan, large tech-related companies like Advantest, Tokyo Electron, and SoftBank Group all saw gains. While these big stocks helped push the Nikkei up, a market expert noted they weren't gaining as strongly as they did last month.However, smaller chip-related stocks surged, showing investors were still very eager for technology shares. For example, Kioxia Holdings jumped over 10%, and Towa rocketed up almost 24% to its daily maximum limit.Another big mover was Mercari, the flea market app operator, which jumped over 18% after reporting a 70% increase in quarterly profit. On the flip side, Honda Motor fell almost 5% after the automaker sharply cut its yearly profit prediction by 21% on Friday. Its competitor, Toyota Motor, managed to recover from earlier losses and finished the day slightly higher. Overall, on the Tokyo Stock Exchange, a large majority of stocks (76%) went up.China CPI Surprise China's consumer prices (the cost of goods and services for people) went up by 0.2% compared to a year ago in October 2025. This was a surprise, as experts expected no change, and it bounced back after prices fell 0.3% the month before. This increase was the first since June and the fastest rise since January.The cost of things other than food accelerated its climb (from 0.7% to 0.9%), boosted by government programs encouraging people to trade in old items for new ones and more spending during the Golden Week holiday, which both helped domestic buying. Costs continued to increase for things like housing, clothes, healthcare, and education. Also, the cost of transportation fell less steeply than before.Regarding food, prices still dropped, but it was the smallest drop in three months (down 2.9% versus down 4.4%). Crucially, Core inflation (which ignores volatile food and energy costs) rose by 1.2%, which is the highest level in 20 months. Looking month-to-month, consumer prices also increased by 0.2%, which is the highest increase in three months.European Session - European Shares Higher, Diageo Appoint New CEO The FTSE 100 index in Britain is expected to open higher on Monday, with early futures showing a gain of 0.84%. The DAX index was also trading higher, up around 0.5% at the time of writing.In company news: Diageo, the world's largest spirits company, appointed Dave Lewis (the former head of Tesco) as its new CEO, concluding a long search and bringing in an outsider to lead the company during tough times for the drinks business.Separately, the mining company Ferrexpo announced that its production and exports have been stopped because recent Russian attacks on Ukraine's energy system damaged the power supply to the miner's operations in a critical area.Also, the owner of Upper Crust, SSP Group, said that its Chair and director, Mike Clasper, plans to step down after the company's annual meeting in January 2026.Finally, JTC announced it has accepted the fourth improved offer from the British private equity firm Permira, valuing the company at £2.3 billion (or $3.09 billion).On the FX front, the value of the US dollar went down on Monday. This happened because investors felt more hopeful after the Senate took steps to potentially reopen the federal government, which overshadowed some recent bad economic news.The US dollar index dropped slightly, by 0.1%, to 99.643.Other currencies reacted slightly to this: the euro was a little weaker at 1.1559, and the British pound sterling was also slightly softer at 1.3148.The offshore Chinese yuan stayed mostly the same against the dollar at 7.1204 during Asian trading.Meanwhile, the currencies of Australia and New Zealand gained ground: the Australian dollar was up 0.4% at 0.6520, and the New Zealand dollar (kiwi) rose 0.1% to 0.5632.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices went up on Monday. This rise was mostly due to the hope that the US government shutdown would end soon. If the government reopens, it's expected to increase demand for oil in the US, which is the world's biggest oil user. This positive news helped overcome worries about the fact that global oil supplies are increasing.Specifically, Brent crude oil futures rose 45 cents (or 0.71%) to trade at 64.08 per barrel. The price for US West Texas Intermediate (WTI) crude oil also increased by 48 cents (or 0.80%) to reach 60.23 per barrel.Gold prices jumped to a two-week high on Monday due to a combination of two major factors.First, the market expected the US Federal Reserve to cut interest rates again in December. Lower interest rates make non-interest-paying assets like gold more appealing compared to interest-bearing investments, such as bonds.Second, a wave of weak economic reports increased global slowdown worries, pushing investors to buy gold because it's traditionally viewed as a safe asset during times of economic uncertainty.Following this optimism, the price of spot gold climbed 1.8% to reach 4,070.99/oz, and US gold futures for December delivery similarly rose 1.8% to 4,079.70/oz.For more on Gold prices, read Gold (XAU/USD) Price Slips 1.5% as $4000/oz Handle Remains Elusive. What Comes Next?Economic Calendar and Final Thoughts On Sunday, the US Senate took a step toward ending the 40-day federal government shutdown and getting federal workers back to work. This shutdown has stopped paychecks for government employees, slowed down food aid, and caused problems with air travel.In a key vote, the senators advanced a bill that originally came from the House of Representatives. This bill will be changed to fund the government until January 30th and will also include three complete, long-term spending bills. The shutdown has been severely hurting the US economy: federal workers in areas like airports, law enforcement, and the military haven't been paid, and the central bank has been struggling because the government hasn't been releasing much economic data. zoom_out_map Source: LSEG Despite all these problems, the overall mood of investors remained hopeful on Monday.Outside of political news, this week is very quiet for new US economic data. Also, tomorrow is a public holiday, Veterans' Day, in the US The main piece of data that will be released is the NFIB small business optimism index tomorrow. We will also hear from several officials from the Federal Reserve (the Fed) this week.Currently, the chance that the Fed will cut interest rates by 0.25% in December has dropped to 64%. Since there won't be much new US data to change minds, and because Fed officials usually suggest they should be cautious about cutting rates quickly, that probability may drop even lower, close to 50%. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 is moving lower after market open but remains bullish as the index continues to print higher highs and higher lows.As things stand the FTSE is trading inside a wedge pattern and a breakout could be the precursor for the next major move.A wedge breakout could lead to a 220-point rally and needs to be monitored.For now though, The index is kind of in no mans land.The period-14 RSI is approaching the 50-neutral. If this level on the RSI holds, this could lead to a retest of the top of the wedge.Alternatively, a move lower here could bring the lower end of the wedge pattern into focus and potentially the 100-day MA as well which rests at the 9616 handle.FTSE 100 Index Daily Chart, November 10. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Week in review – Markets are starting to get worried from a prolonged shutdown Navigating through the headlines can be difficult in Markets. Even when Stock indices break new records week after week, negative headlines can lead readers to adopt a more pessimistic view compared to how things really are – this explains, in part, the “Buy the rumours, Sell the news” adage.However, when Stock indices start to reverse sharply, headlines begin to have a snowball effect.November trading began at the beginning of this week and brought with it some winter headwinds:Almost all global stock indices are lower, and cryptocurrencies have taken a huge hit, leaving investors scratching their heads to know where to put their money.To accompany these flows, tons of speeches and headlines on high AI stock valuation and spendings start to send vibes of a lack of confidence (and this could also be seen in the latest University of Michigan survey) Most Read: Consumer Pessimism and Job Cuts Increase Uncertainty About Economic Outlook in US As the week comes to an end, a rough beginning of the month for safe-havens, particularly metals, began to materialize in somewhat of a new rebound – Gold is back above $4,000.US Treasuries are also following suit, closing the week at their highs.A more hawkish FedSpeak (following Powell's October meeting tone) throughout the week started to cast doubts on a December meeting cut, further hurting Market optimism.The US Shutdown was not significantly impact markets throughout the past month, but as more governmental services and sectors are affected, with even flight numbers being reduced, this is changing.US Vice President JD Vance has even sent out warnings on the consequences of the prolonged shutdown.All of these catalysts begin to have an impact on sentiment in the broader context.Weekly performance from different asset classes zoom_out_map Weekly Asset Performance, November 7, 2025 – Source: TradingView Magnitude of movements for cryptocurrencies are usually higher, but this weekly asset performance chart shows well how risk assets took a hit this week.More defensive stock indices like the Dow Jones finishes down 1.50%, the tech-heavy Nasdaq down 3.56%, dragged down further by pessimistic warnings from the Nvidia CEO or OpenAI's CFO.At the extreme of the risk and volatility spectrum, cryptocurrencies took a big slap in the face. Bitcoin, the most stable, lost a bit more than 5% in value – just hanging above the $100,000 mark – while Ethereum, Solana and other altcoins lost a minimum of 10% (and much more). Read More:Canadian employment shoots higher – CAD takes the leadWTI crude oil at $60: Is key psychological support holding?The Week Ahead – A government reopening? The week was one of a risk-appetite that reduced drastically. Nonetheless, some more vodish pricings and hopes for a US government reopening helped equities to catch around the same time that European indices closed. zoom_out_map Market-odds of the timing for a US government reopening – Polymarket – November 7, 2025 Asia Pacific Markets – Australian Employment, more Chinese production data and NZ inflation expectations AUD traders will have to stay sharp with Australian data largely taking the front-scene. Monday will begin with Consumer confidence data but the key really is the Australian Employment data, releasing on Wednesday evening (20:30).The bar is high for the number, with Australia maintaining a strong look throughout the year but has started to show a few signs of slowing.For those keeping an eye on China (particularly after the disastrous trade numbers released yesterday), APAC traders will want to monitor the Industrial production and retail sales number to see if the PBoC has more room for stimulus (typically a booster for AUD and NZD).Kiwi data is also not to be forgotten with their very key RBNZ inflation expectations numbers also releasing Monday night at 20:30 (ET).US, Europe and UK Markets – European & UK Employment with still nothing to see in the US As the Bureau of Labor Statistics is still closed until further notice and no private data is on the watch next week, traders will have to be a bit more patient to get an idea of the state of the US Economy.However, there is still work to do, particularly for those interested in European and UK dynamics.Starting Tuesday, GBP traders will welcome the UK employment (releasing at 3:00 A.M on Tuesday) which will once again have a big influence on the next "live" Bank of England meeting on December 18th (live meaning that the decision should largely depend on upcoming data).Major UK data continues on Thursday, same time, with the release of the Monthly and Quarterly GDP data.The EU will also publish their own Employment and GDP figures on Friday at 6:00 A.M. (ET).Of course, Euro traders will have to log in for the German CPI released in the Wednesday overnight session. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (High-tier data only) Except for a miracle, don't hope too much for the release of US Data like CPI and PPi this week (they will hopefully get published at some point towards the end of this month or the next).Safe Trades and enjoy your weekend!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.