Last Updated on 26/10/2026
Copper
Copper prices fluctuated throughout the week, repeatedly testing the $6.50 level. However, the metal has now fallen below this threshold for the first time in more than a month, introducing renewed bearish pressure into the market.
The key question is whether copper can regain bullish momentum and secure a daily close above $6.50. From a longer-term perspective, the outlook remains positive, supported by growing demand from artificial intelligence infrastructure and electrification projects, both of which require substantial amounts of copper.
Meanwhile, labor disputes in Chile have created additional supply-side concerns. Although the broader outlook remains bullish, a sustained move above the $6.50 resistance level would provide a stronger technical signal.
DAX
Germany’s DAX ended the week lower, although the weekly chart suggests that the index remains within a broader consolidation phase. Nevertheless, closing near the bottom of its weekly range raises the possibility of further downside pressure.
The €25,000 level represents an important support zone to monitor. A rebound from this area could preserve the index’s neutral outlook, while a decisive break below the 50-week exponential moving average (EMA), currently around €24,713, could trigger additional selling.
Beyond technical considerations, Germany’s economic outlook remains exposed to potential energy supply challenges during the winter, which could weigh on market sentiment.
Nasdaq 100
The Nasdaq 100 experienced a difficult trading week. After attempting to recover some of the previous week’s losses, the index surrendered much of those gains, highlighting persistent selling pressure.
The 29,000 level remains an important support area. A breakdown below this threshold could invite further selling, although a broader demand zone extending toward 28,000 may provide additional support.
Despite the recent weakness, the technical outlook is not entirely negative. The index could stabilize if buyers defend these key levels, but a sustained recovery would require stronger buying momentum.
EUR/USD
EUR/USD initially attempted to advance during the week but encountered resistance at the 200-week EMA, which also coincides with the previous week’s high. This rejection suggests that the euro continues to face significant technical challenges.
Although declining US interest rates could provide some support for the currency pair, concerns about Europe’s winter energy supplies remain a major headwind. Rising energy costs could also complicate the European Central Bank’s policy decisions and intensify concerns about inflation.
While the ECB could theoretically raise interest rates in response to higher prices, energy-driven inflation may prove more temporary and supply-related than persistent. Given these uncertainties, the outlook for the euro remains bearish.
GBP/USD
The British pound advanced during the week, with price action continuing to reflect the broader trading range that has dominated the market in recent months. The 1.3200 level has demonstrated significant support, helping sustain the pound’s latest recovery.
GBP/USD briefly moved above both the 50-week EMA and the 1.3400 level, strengthening the near-term technical picture. If the established pattern continues, short-term pullbacks could present buying opportunities.
A sustained recovery could open the way toward the 1.3650 level. However, the pair’s ability to extend its gains will depend partly on movements in US Treasury yields. Further declines in US yields could provide additional support for the British pound.
Bitcoin
Bitcoin initially moved higher during the week but encountered resistance above $82,500. The cryptocurrency has since entered a consolidation phase just above its 50-week EMA, leaving the short-term outlook broadly neutral.
Falling US interest rates could offer support to Bitcoin, but price action suggests that the market is still searching for a clear directional catalyst. For now, the focus remains on how Bitcoin responds to its current technical levels.
The outlook remains neutral until a stronger signal emerges. A decisive move above $90,000 could improve bullish sentiment and create a more compelling opportunity for long positions.
S&P 500
The S&P 500 recovered a substantial portion of its earlier losses during the week before reversing lower again. This price action highlights the difficulty buyers are facing in overcoming resistance near the 7,800 level.
A decisive breakout above 7,800 could restore upward momentum and potentially pave the way toward the 8,000 level. Such a move would suggest that buyers are regaining control of the broader trend.
Conversely, a renewed pullback could bring the 7,200 level into focus as a major support zone. The index’s next move will likely depend on whether buyers can overcome resistance or sellers regain control.
USD/CAD
USD/CAD declined sharply during the week as the US dollar weakened against the Canadian dollar. Despite this sell-off, the pair is approaching a potentially significant support area around 1.4000.
The 61.8% Fibonacci retracement level continues to provide technical support, while the 50-week EMA is moving closer to the same area. The convergence of these indicators could help stabilize the pair, although a sustained rebound has yet to be confirmed.
Uncertainty surrounding oil prices may also influence the Canadian dollar, while strength across other Canadian dollar pairs could provide additional support for the currency. Despite the lack of clear bullish momentum, the broader preference remains tilted toward the upside, provided the 1.4000 support zone holds.
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