Forex Elliott Wave Analysis and Forecast for 26.10.2026–01.11.2026

Website : www.sonynetbusiness.net
Analysis Timeframe : Daily (D1), with H4 confirmation
Markets Covered : EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, Gold (XAU/USD), and WTI Crude Oil

Weekly Elliott Wave Analysis – Major Takeaways

The week ahead may bring significant volatility across forex and commodities. The US Federal Reserve’s policy decision, economic data, and geopolitical developments could influence the next directional move.

The Elliott Wave outlook suggests a corrective recovery may remain possible in selected currency pairs, while Gold faces downside pressure after breaking below major support. WTI Crude Oil remains supported by strong price momentum, although sharp pullbacks cannot be ruled out.

Key market themes for 26 October–1 November 2026:

  • EUR/USD: Bearish pressure remains unless the pair reclaims nearby resistance.
  • GBP/USD: Short-term bullish structure remains vulnerable near resistance.
  • USD/JPY: Bearish momentum has increased after the decline toward 156.87.
  • USD/CHF: Recovery momentum is improving, but resistance must be cleared.
  • USD/CAD: The pair remains under pressure while trading below resistance.
  • GOLD: Bearish corrective pressure dominates below the broken support region.
  • WTI Crude Oil: Bullish momentum continues, with resistance near recent highs.

These are conditional Elliott Wave scenarios, not confirmed live broker chart counts.

1. EUR/USD Elliott Wave Analysis

Reference closing price: approximately 1.1203 on 23 October 2026.

Main Scenario

EUR/USD remains vulnerable to further downside after retreating from its recent recovery area. The current structure may represent a corrective rebound within a broader bearish move. A break below the recent low would strengthen the bearish Elliott Wave interpretation.

Important levels

  • Resistance: 1.1228, 1.1260, 1.1300
  • Support: 1.1184, 1.1140, 1.1113
  • Bearish targets: 1.1140–1.1113, followed by 1.1050 if selling accelerates

Alternative Scenario

A sustained break above 1.1260 could extend the corrective recovery toward 1.1300 and 1.1360.

Wave outlook: Bearish below 1.1260; a sustained breakout above this level would improve the short-term recovery outlook.


2. GBP/USD Elliott Wave Analysis

Reference closing price: approximately 1.3373 on 23 October 2026.

Main Scenario

GBP/USD has maintained a recovery from its October lows, but the latest pullback indicates that buyers must defend nearby support. The advance may continue as a corrective or impulsive recovery if the pair holds above the support region.

Important levels

  • Resistance: 1.3409, 1.3433, 1.3465
  • Support: 1.3360, 1.3302, 1.3264
  • Bullish targets: 1.3433–1.3465, followed by 1.3510 if momentum strengthens

Alternative Scenario

A daily close below 1.3302 would weaken the recovery structure and expose 1.3264 and 1.3194.

Wave outlook: Cautiously bullish above 1.3302, with confirmation required from a break above 1.3409–1.3433.


3. USD/JPY Elliott Wave Analysis

Reference closing price: approximately 156.87 on 23 October 2026.

Main Scenario

USD/JPY has pulled back sharply from its earlier trading area near 158.00. The move may represent an extended corrective decline or the beginning of a deeper bearish wave. Price action around 156.00–156.10 will be important.

Important levels

  • Resistance: 157.17, 158.14, 158.50
  • Support: 156.07, 155.50, 154.80
  • Bearish targets: 156.07, then 155.50–154.80 if support breaks

Alternative Scenario

A recovery above 157.17 could lead to a retest of 158.14. A sustained move above 158.50 would weaken the immediate bearish outlook.

Wave outlook: Bearish below 157.17 unless buyers reclaim resistance.


4. USD/CHF Elliott Wave Analysis

Reference closing price: approximately 0.8251 on 23 October 2026.

Main Scenario

USD/CHF rebounded toward the upper end of its recent range. The recovery may continue as a corrective upward wave, but the pair must clear resistance before a stronger bullish structure can be considered.

Important levels

  • Resistance: 0.8257, 0.8300, 0.8334
  • Support: 0.8191, 0.8150, 0.8119
  • Bullish targets: 0.8300–0.8334 if resistance breaks

Alternative Scenario

A rejection below 0.8257 followed by a break under 0.8191 would indicate that sellers remain in control, opening the way toward 0.8150 and 0.8119.

Wave outlook: Corrective recovery while above 0.8191; bullish confirmation requires a clear break above 0.8300.


5. USD/CAD Elliott Wave Analysis

Reference closing price: approximately 1.4005 on 23 October 2026.

Main Scenario

USD/CAD remains under pressure after declining from above 1.41. The current movement may be part of a corrective bearish wave. A break below the recent low would increase the risk of another downward leg.

Important levels

  • Resistance: 1.4020, 1.4083, 1.4110
  • Support: 1.3968, 1.3920, 1.3880
  • Bearish targets: 1.3968, followed by 1.3920–1.3880 if selling continues

Alternative Scenario

A sustained move above 1.4083 could signal a stronger corrective rebound toward 1.4110 and 1.4150.

Wave outlook : Bearish below 1.4083, with the 1.3968 area acting as the first important support.


6. GOLD (XAU/USD) Elliott Wave Analysis

Reference price: Gold traded below $4,000 on 23 October, reaching an intraday low around $3,986.74 in the reported session.

Main Scenario

Gold has experienced strong selling pressure after breaking below the previously watched $4,227.90–$4,066.64 consolidation region. The decline may represent an extended corrective wave or a deeper bearish sequence. Buyers need to reclaim broken support before a sustained recovery becomes more convincing.

Important levels

  • Resistance: $4,066, $4,228, $4,300
  • Support: $3,975, $3,900, $3,800
  • Bearish targets: $3,975–$3,900, followed by $3,800 if selling momentum persists

Alternative Scenario

A recovery above $4,066 would be the first sign of improving short-term momentum. A sustained breakout above $4,228 could open a recovery toward $4,300 and higher resistance zones.

Wave outlook: Bearish below $4,066, with volatility likely to remain elevated.


7. WTI Crude Oil Elliott Wave Analysis

Reference closing price: approximately $103.27 per barrel on 23 October 2026.

Main Scenario

WTI Crude Oil advanced strongly during the latest session, supported by geopolitical and supply-related concerns. The current move may represent a bullish impulsive wave or an extension of the recovery. However, sharp corrections remain possible after the recent advance.

Important levels

  • Resistance: $103.92, $105.00, $109.80
  • Support: $98.84, $95.25, $90.00
  • Bullish targets: $105.00, followed by $109.80–$115.50 if momentum continues

Alternative Scenario

A break below $98.84 would weaken the immediate bullish structure and expose $95.25. A further decline could bring the $90.00 region into focus.

Wave outlook: Bullish while price holds above $98.84, but a breakout above $105.00 is needed to strengthen the upside scenario.




Trading Risk Management

  1. Confirm Elliott Wave counts on the latest broker D1 chart and use H4 price action for additional confirmation.
  2. Treat support and resistance levels as zones rather than exact entry prices.
  3. Wait for a confirmed breakout, rejection, or candle close before acting on a scenario.
  4. Set stop-loss levels according to market volatility and your own risk limits.
  5. Avoid excessive leverage, especially during major economic announcements.

Disclaimer

This market analysis is provided for educational and informational purposes only. Elliott Wave interpretations are subjective, and all price levels are approximate technical reference points rather than guaranteed outcomes. Prices may differ across brokers and trading instruments. Always verify the latest market data and manage your risk before making any trading decision.

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