Daily Price Outlook

Gold starts the new week on a somber note, with prices fluctuating within a narrow range around $1,925 during the Asian session. Traders appear hesitant to make significant moves as uncertainty looms regarding the Federal Reserve's future rate hike trajectory. Nevertheless, the XAU/USD remains confined within a familiar range maintained over the past few weeks.

The resurgence of demand for the US Dollar has weighed on the price of gold. The US labor market continues to show strength, evident in consistently robust wage growth and a marginal decrease in the unemployment rate. This reaffirms expectations that the Federal Reserve will resume raising interest rates at its upcoming policy meeting in July.

Consequently, yields on US Treasury bonds have remained elevated, with the 10-year yield holding above 4.0% and the two-year yield at its highest level since June 2007. This renewed demand for the US Dollar has become a significant factor impacting the price of gold.

Looking ahead, market participants will closely monitor the release of Chinese CPI and Producer Price Index (PPI) data, which could provide new insights. Later in the week, attention will shift to the US Producer Price Index (PPI), the US University of Michigan Preliminary Consumer Sentiment for July, and the US Consumer Price Index (CPI).

The direction of gold prices in the near future will be influenced by these data points. Strong data may lead to increased US yields and lower gold prices, while volatile data could work in favor of the precious metal.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices are currently hovering around the $1929.00 level, with stochastic indicators showing clear negative signals. This suggests that there is a likelihood of the expected bearish wave continuing on both the intraday and short-term basis. The next main target to watch for is $1873.50.

To confirm the downward movement, it is important for the price to break below $1913.15. This level serves as a key initial resistance, and a breach of this level would indicate the potential for additional gains and a test of the significant resistance at $1945.20, before any new negative attempts.

For today's trading, the expected range is between support at $1900.00 and resistance at $1935.00.

Overall, the trend for today is expected to be bearish.

Daily Price Outlook

During the early trading hours in Europe on Monday, the GBP/USD pair failed to capitalize on Friday's upward movement and continues to trade above the 1.2800 level. Presently, the pair is defensively trading at 1.2801, marking a 0.35% increase for the day.

As long as the GBP/USD pair maintains its position above the 50- and 100-day Exponential Moving Averages (EMA) on the daily chart, the pair is expected to have a bullish bias. The Relative Strength Index (RSI) confirms this by showing the pair in a bullish zone, currently at 61.70.

The immediate resistance level for GBP/USD lies near 1.2850, indicating the upper limit of the Bollinger Band. Beyond that, the next barriers are the April 13 low and a resistance level at 1.2975. A break above the latter would trigger a rally towards the high of March 23 at 1.3248.

On the downside, the midline of the Bollinger Band, at 1.2730, is seen as the initial support level.

GBP/USD is trading below the year-to-date (YTD) high due to modest strength in the US Dollar, but it continues to hold above the 1.2800 level.

The start of the new week sees GBP/USD trading in a subdued manner, retracing some of the recent gains that propelled it to its highest level since April 2022 on Friday. Throughout the Asian session, price movement has been limited within a narrow trading range, currently hovering around the 1.2820-1.2815 region with a slight decline of just over 0.10% for the day.

Traders may exercise caution and refrain from taking significant risks as they await the release of the UK monthly employment figures on Tuesday.

Additionally, Wednesday's release of the latest US consumer inflation data will have a significant impact on the near-term dynamics of the USD and potentially provide the GBP/USD pair with a new direction.

In the absence of any significant market-moving economic announcements, traders on Monday will closely follow the speech by Bank of England (BoE) Governor Andrew Bailey for potential short-term opportunities.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Technical analysis

The GBP/USD pair experienced a strong upward rally in recent sessions, breaking the 1.2780 level and reaching a new high at 1.2848. However, the price encountered solid resistance at this level, resulting in a bearish bias supported by stochastic negativity.

As a result, we anticipate a continuation of the bearish bias today, with the price likely to test the key support level of 1.2720. It's important to note that a breach of 1.2848 would halt the expected decline and potentially lead to a resumption of the main bullish trend.

For today's trading, the expected range is between support at 1.2720 and resistance at 1.2880.

Overall, the trend for today is expected to be bearish.

Daily Price Outlook

The EUR/USD is currently sitting at weekly highs above 1.0950, experiencing a calm start to what promises to be an eventful week. The USD/EUR exchange rate remains stable above 1.0950, close to Friday's eight-day high of 1.0975. The pair is holding onto its gains from the previous week.

The EUR/USD pair saw further recovery from near the 1.0830 level on Friday, following the erratic trading activity triggered by the US labor market report. Weak US payrolls data caused significant losses for the US Dollar, resulting in a substantial increase in the primary currency pair.

Non-farm payrolls for June came in at 209k, below the estimated 225k, indicating a cooling job market. May and April's NFPs were also revised downward, suggesting a slowdown in employment.

June's Average Hourly Earnings, a measure of wage inflation, showed 0.4% growth compared to a forecast of 0.3%, matching May's revised figure of 0.4%. The weaker US jobs data led investors to reconsider their expectations of a more aggressive stance by the Federal Reserve, resulting in the EUR/USD pair moving back towards 1.1000 at the expense of the US Dollar.

Following the anticipated 25 basis point rate hike by the US central bank this month, the market is currently pricing in a nearly 70% probability of a halt to Fed rate hikes in September.

The Euro's potential upside is temporarily constrained due to conflicting remarks made by ECB officials over the weekend. ECB Governing Council member Francois Villeroy de Galhau stated that Eurozone rates will soon reach their peak but it will be more of a low than a high.

On the other hand, ECB Governing Council member Mario Centeno expressed his anticipation of inflation in the Eurozone being below 3% by the end of 2023.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

Last Friday, the EURUSD pair closed above the 1.0940 level, signaling a shift towards an upward trend and paving the way for a bullish wave on the intraday basis. The next target to watch is 1.1075, indicating further upside potential.

With the price moving above the EMA50, the overall bias remains bullish in the upcoming sessions. However, some sideways movement may occur due to stochastic negativity. It's important to wait for positive momentum to confirm the achievement of the expected target.

On the flip side, breaking below 1.0940 would halt the suggested bullish wave and potentially lead to a price decline.

For today's trading, the expected range is between 1.0900 support and 1.1050 resistance.

Daily Price Outlook

Gold is trading at 1,920 increasing by 0.27 percent on Friday. The price of non-yielding gold is continuing to be hampered by growing predictions that the Federal Reserve (Fed) will raise interest rates by another 25 basis points (bps) at its forthcoming policy meeting on 25–26 July.

After statistics released by Automatic Statistics Processing (ADP) on Thursday revealed that private-sector businesses in the United States (US) gained roughly 500K jobs in June, the bets were confirmed once again.

The XAU/USD is now trading at $1,920, almost unchanged for the day, and is susceptible to extending a downturn that has been going on for almost two months from the record high reached in May.

Increased US bond rates help the USD and hurt XAU/USD at the same time.

However, the statistics indicated a robust US economy, which supports expectations for additional Fed policy tightening. The US Dollar (USD), which is considered to be another factor impacting the US Dollar-denominated gold price, benefits from this by driving the US Treasury bond rates considerably higher.

The much-anticipated Nonfarm Payrolls (NFP) data, which is coming later in the early North American session, might have an impact on predictions regarding the Fed's rate-hike trajectory. This will then fuel USD demand and give the XAU/USD a new lease of life.

After the FOMC Minutes, Gold Declines; the XAU/USD Scenario Comes Before US Jobs Data

After the US Federal Reserve's June meeting minutes stoked expectations of another rate hike at the end of July, gold prices dropped.

Despite some members wanting to proceed with a rate rise, virtually all officials decided to maintain interest rates constant during the June meeting, according to the FOMC meeting minutes.

By the end of the year, 16 out of 18 authorities still predicted that the benchmark interest rate will increase by at least another quarter of a percentage point.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices concluded the previous session below the $1913.15 level, confirming the prevailing bearish trend in the short term. The price is aiming to re-enter the bearish channel observed on the chart and potentially extend the decline towards the next target at $1873.50.

The presence of the EMA50 continues to reinforce the suggested bearish momentum, and a breakthrough of $1907.00 would facilitate the achievement of the anticipated target. However, if the price surpasses $1913.15, it would be considered a positive development, leading to potential recovery attempts targeting $1929.00 and potentially reaching $1945.20 before any new downward move.

For today's trading, we anticipate the price to move within a range of support at $1890.00 and resistance at $1925.00.

Overall, the forecasted trend for today remains bearish, reflecting the current market sentiment.

Daily Price Outlook

The S&P 500 index has experienced a continued decline during the Asian trading session, leading to worry among investors. However, the reason can be attributed to the rise in Treasury yields, which occurred after strong job market data was released just before the June monthly payroll report.

Investors are now fearing that the Federal Reserve might need to take additional measures to manage the economy and control inflation. These factors have resulted in market uncertainty and made investors uneasy.

Private Payrolls Show Strong Growth, Raising Expectations

In June, private payrolls showed significant growth, reaching 497,000 jobs, surpassing the previous month's figure of 267,000 and exceeding economists' expectations. This positive report has had a dominant impact, overshadowing other data such as higher-than-anticipated weekly initial jobless claims and a lower-than-expected number of job openings in May. Consequently, concerns have arisen that the Federal Reserve is highly likely to proceed with its guidance for two more interest rate hikes.

Thus, the positive report of significant private payroll growth in June, surpassing expectations, has impacted the S&P 500 price by causing concerns that the Federal Reserve may proceed with two more interest rate hikes. This has contributed to the downward trend in the S&P 500 and added to market uncertainty.

Market Worries Intensify with Weak Chinese Economic Data and Trade Conflict Risks

Adding to the market's worries, China has released a series of weak economic data, indicating concerns about a slowdown in the world's second-largest economy. Moreover, the risk of further escalation in the US-China trade conflict has dampened investor sentiment, resulting in a generally weaker tone across equity markets.

Amidst the concerns, the market reflects a 93% expectation of a rate hike in July, according to Investing.com's Fed Rate Monitor Tool. Anticipating additional tightening measures from the Federal Reserve, Treasury yields have surged, with the 2-year and 10-year yields surpassing 5% and 4%, respectively.

Hence, the release of weak economic data from China, combined with the risk of escalating US-China trade tensions, has negatively impacted investor sentiment and contributed to a generally weaker tone across equity markets, including the S&P 500.

The Firming Expectations of an Interest Rate Hike

The market's firming expectations of an interest rate hike by the Federal Reserve at its upcoming policy meeting on July 25-26 have significantly bolstered the US dollar. This belief was reinforced by the positive US ADP report, which indicated that private-sector employers added 497,000 jobs in June, surpassing the previous month's figure and exceeding the most optimistic estimates.

Therefore, the market's increasing expectations of an interest rate hike by the Federal Reserve, fueled by positive job growth reported in the US ADP report, have had a mixed impact on the S&P 500 price.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Technical analysis

Taking a look at the technical analysis of the S&P 500, it opened with a significant downside gap and closed lower.

The $4400 level appears to be a crucial support, as indicated by the ascending triangle pattern observed on the daily and four-hour time frames.

This pattern suggests a strong possibility of a continued bullish trend. Furthermore, the presence of the 50-day exponential moving average acts as a support zone, reinforcing the positive sentiment in the S&P 500.

Today's forecast suggests that the price is likely to remain around the $4400 level, with a potential target of $4450.

A successful breakout above this level could expose the S&P 500 to the $4480 level. On the other hand, a breakdown below the $4400 level may lead to a decline towards $4360 or even lower towards the $4330 level.

Daily Price Outlook

The British Pound is trading at 1.2740 decreasing by 0.02 percent on Friday. The monthly payrolls report still to come, heightened the possibility of higher Federal Reserve interest rates for a longer period, the U.S. dollar declined in early European hours on Friday but is still on track for modest gains this week.

JPMorgan thinks interest rates might reach 7% and foresees a "hard landing" in the UK.

According to JP Morgan, the dangers of an economic hard landing are also increasing, and the Bank of England may raise interest rates to 7% to control inflation.

Since borrowing costs are frequently connected with the primary interest rate set by the central bank, the study by JP Morgan economist Allan Monks comes as U.K. households see a dramatic spike in borrowing rates.

Looking ahead, a variety of variables, according to JPMorgan's Monks, might lead the central bank to raise rates more than anticipated.

As psychology changes and a persistent wage-price spiral takes hold, "high inflation might lead to a larger rise in inflation expectations. Elevated short-term expectations may potentially result in a more chronic issue, even if longer-term measures stay grounded, he noted.

To guarantee real rates, turn sufficiently positive to disrupt this dynamic, the BOE may be forced to raise rates above our prediction. These comments from JP Morgan analyst added pressure on British Pound.

The Upcoming US Non-Farm Payroll data is keeping Market steady

On US front, ADP private payrolls increased significantly in June, marking the greatest increase since February 2022, according to data released on Thursday. Last week saw a modest increase in the number of Americans submitting new unemployment benefit claims.

These data releases show a labor market that is durable and has withstood an aggressive tightening cycle that lasted a full year, indicating that the Federal Reserve can keep raising interest rates to completely control rising prices.

Now, attention will shift to the much-anticipated monthly nonfarm payrolls report, which might provide more hints about the Fed officials' plans for later this month.

This should display nonfarm payrolls. After growing by 339,000 in May and by 294,000 in April, nonfarm payrolls in the United States expanded by 225,000 jobs last month.

Traders are awaiting its release and are cautious ahead of it, causing little to no movement in the market.

GBP/USD Price Chart – Source: Tradingvie

GBP/USD - Technical analysis

Yesterday, the GBP/USD pair displayed a mix of trading patterns, initially rising strongly to reach the 1.2780 level, but quickly retracing downwards to test the 1.2675 areas.

It is worth noting that the price currently holds above the crucial support level at 1.2720, indicating an attempt to regain the main bullish trend.

However, the price is currently confined within a rising wedge pattern, which could potentially lead to a correctional bearish movement.

Given the conflicting technical factors, we maintain a neutral stance until we receive clearer signals for the next trend.

Breaking below 1.2720 would likely push the price towards the next correctional station at 1.2640, while surpassing 1.2760 would be key to achieving new gains, potentially targeting the 1.2850 areas.

For today's trading, we anticipate the price to move within a range of support at 1.2640 and resistance at 1.2820.

Overall, the expected trend for today is neutral, considering the current market conditions.

Daily Price Outlook

EUR/USD currency pair has managed to stop its previous downward rally and shown strength during the Asian session on Wednesday. However, the reason for its upward rally can be attributed to a more hawkish stance adopted by the European Central Bank (ECB).

In their recent statements, they expressed anticipations of raising interest rates at both the July and September meetings. Thus, this stance has provided support to the shared currency, resulting in a modest boost to the EUR/USD pair.

ECB Takes Cautious Stance, Plans Interest Rate Hikes Amid Lingering Inflation

As mentioned above, European Central Bank (ECB) officials showed a more cautious approach, indicating that they plan to increase interest rates in both July and September.

ECB President Lagarde mentioned that inflation has entered a new phase, and it may persist for a while. These remarks were seen as a key factor that has boosted the EUR/USD currency pair.

Fed Maintains Cautious Approach Amid Economic Uncertainties

Apart from ECB, Federal Reserve is being careful about their plans. They mentioned the possibility of increasing borrowing costs later this year, but they don't want to lower rates anytime soon. Their main concern is making sure inflation stays around 2% in the medium term.

Lately, some economic data in the US hasn't been very strong, like the PCE Price Index and ISM PMI. This has made people wonder if the Fed can keep raising interest rates. Investors are eagerly waiting for the release of the June FOMC meeting minutes to get an idea of what the Fed might do next.

Hence, the cautious outlook of the Federal Reserve will likely have an impact on the EUR/USD currency pair. If the Fed maintains a cautious stance and indicates a slower pace of interest rate increases, it may lead to a weakening of the US dollar. This could potentially strengthen the euro against the dollar, causing the EUR/USD currency pair to rise.

Market Focus on FOMC Minutes and Euro Zone Data

Looking forward, investors are waiting for the release of the June FOMC meeting minutes, as it will impact the near-term USD price and the EUR/USD pair. On the flip side, the final Services PMI and Producer Price Index (PPI) data are also important, but they may not strongly influence the currency pair's direction.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.

Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.

So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.

In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.

All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!

Daily Price Outlook

Gold is trading at 1,926 decreasing by 0.02 percent on Thursday. The price of gold is being influenced by a combination of economic challenges and the worsening relationship between the United States and China.

A report from Reuters revealed that China's service sector experienced slower growth in June than initially anticipated, which has raised concerns about a global economic slowdown.

Moreover, the ongoing trade dispute between the world's two largest economies, the US and China, is dampening investor confidence in riskier assets. This negative sentiment is evident in the somber mood surrounding equity markets and is consequently bolstering the safe-haven appeal of gold.

Additionally, the Federal Reserve's potential tightening of monetary policies could discourage traders from making excessive bullish bets on gold, as it is a non-yielding asset.

Impact on the XAU/USD Exchange Rate Due to Federal Reserve Bets

The release of the Federal Open Market Committee's policy meeting minutes for June revealed that nearly all members were in favor of resuming rate increases due to persistently high inflation. This aligns with market expectations of a 25-basis point lift-off at the upcoming FOMC meeting in July.

Consequently, there was a significant overnight increase in US Treasury bond rates. These developments, combined with a more hawkish stance taken by other major central banks, limited the upward movements in the gold price on Thursday.

Prudence Required as BoE and ECB Display Hawkish Outlooks

The Bank of England (BoE) is expected to tighten its monetary policy by an additional 130 basis points by the end of the year, as indicated by current market pricing. Meanwhile, despite signs of economic slowdown in the Euro Zone, policymakers at the European Central Bank (ECB) anticipate raising borrowing costs in their July and September meetings.

Considering that the price of gold has recently recovered from its lowest level since mid-March, it is advisable for investors to exercise caution and refrain from making positioning decisions until there is significant follow-through buying.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices have decided to take a detour from their recent positive streak and are currently back on the decline, hovering around the $1913.15 level. If the price manages to break through this level, it will confirm a return to the bearish channel and could pave the way for further downward movement towards the $1873.50 areas.

While the price continues to sway below the EMA50, supporting the expected bearish trend, it might engage in some sideways movements before finding the necessary momentum to push lower and resume the anticipated bearish wave.

In the bigger picture, we maintain a bearish outlook for the foreseeable future, closely monitoring the price's behavior below the $1929.00 level.

For today's trading adventure, we anticipate the price to wander within a range of $1895.00 as a support level and $1930.00 as a resistance level.

So, the forecasted trend for today remains bearish, and we will be eagerly observing how gold unveils its enchanting moves.

Daily Price Outlook

On Thursday, the SPX Index is -0.20% up from its previous 24-hours level at $4446.82. Carnival Corp. & PLC, with a 67.7% increase to a $23.46 billion market value as of June 30, was the best-performing S&P 500 company in June.

US Stocks Rally in June, Propelling S&P 500 to Record Highs

According to a report released by S&P Global, US stocks displayed a powerful resurgence in June, with all 11 sectors of the S&P 500 experiencing gains. This remarkable rebound led to the S&P 500 reaching new heights, surging by 6.5% to an all-time high of 4,450.38. While the Dow Jones Industrial Average performed relatively weaker with a 4.6% increase, smaller-cap stocks stole the spotlight, recording the highest gains, with the Russell 2000 surging by 7.9%.

The consumer discretionary sector emerged as the frontrunner, posting an impressive 12.0% gain, followed closely by the industrials sector at 11.2% and the materials sector at 10.8%.

Carnival Corp. & PLC stood out as the top-performing stock in June, witnessing a substantial 67.7% surge in market capitalization. The company's positive earnings report, including better-than-expected adjusted losses and exceeding revenue projections, fueled its remarkable recovery. Conversely, Dollar General Corp. struggled, experiencing a significant decline of 15.6% due to disappointing earnings.

Overall, this robust performance across all sectors of the S&P 500 in June revitalized investor confidence, highlighting the resilience and attractiveness of the US stock market as a lucrative investment option. This report caped further losses on S&P 500 Index on Thursday.

Wall Street Retreats as Fed Meeting Minutes Signal Possible Rate Hikes

The investors were closely analyzing the Federal Reserve meeting minutes for insights into future monetary policy today. The Dow Jones Industrial Average fell by 0.38%, shedding 129.83 points to close at 34,288.64. Similarly, the S&P 500 index slipped by 0.2%, settling at 4,446.82.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Technical analysis

On Thursday, the S&P 500 index is currently in an exciting phase, as it consolidates above a key support area of 4,440. The candles closing above this level indicate a strong possibility of the ongoing bullish trend continuing its upward journey. It's like the index is putting on a bullish show for us!

To further confirm this breakthrough, we can see a bullish candle that has closed above the mentioned support level. This adds more fuel to the bullish fire. As we look ahead, our eyes should be on the next resistance levels at 4,511 and 4,525. These levels might act as hurdles for the index as it reaches for new heights.

However, we must also keep in mind that a breach of the support at 4,440 could have a significant impact, potentially triggering a substantial downward movement. In such a scenario, we anticipate a strong support level around 4,395 coming into play.

Given all this excitement, it becomes crucial for us to closely monitor the 4,440 level. It holds the potential to be a turning point for today's trading activities. So let's keep our eyes peeled and enjoy the thrill ride of the S&P 500 index!

Daily Price Outlook

The EUR/USD pair remains in a neutral stance as it hovers around the 1.1011 level, while earlier on Wednesday in Europe, it faced downward pressure near the weekly low at 1.0880.

The lack of significant movement in the pair can be attributed to the cautious sentiment surrounding the release of the Federal Open Market Committee (FOMC) minutes for the June meeting and the Eurozone Producer Price Index (PPI) for May.

The sellers find support from the continued trading below the 50-day and 100-day Simple Moving Averages (SMA), along with bearish indications from the Moving Average Convergence Divergence (MACD) indicator.

Notably, the 50-day SMA is approaching a bearish cross and has crossed below the 100-day SMA, indicating the potential for further decline in the major currency pair.

The EUR/USD bears are eyeing the upward-sloping support line from May 31 near 1.0860, although the pair's decline may be limited unless it breaches the 1.0820 support level marked by the 200-day SMA.

However, short-term upside momentum is hindered by the convergence of the 50-day SMA and 100-day SMA, which currently align around 1.0910.

The Euro buyers will need to regain control and overcome the two-week-old downward-sloping resistance line, located around 1.0920, for a potential upward move.

As EUR/USD slides below 1.0900 ahead of the Eurozone PPI and FOMC minutes, concerns about a stronger US Dollar and weaker Euro prices contribute to the ongoing pressure.

It is important to monitor the market conditions and the risk-off sentiment as they may lead to further declines in the pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.