Technical analysis
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US Dollar: Midterms pose limited downside – ING
ING strategists argue that the US Dollar’s reaction to the midterm elections should be short-lived. They see some short-term downside risk if Democrats win both chambers, mainly via regulation concerns and gridlock fears, but stress that the Federal Reserve narrative remains dominant.
FXStreet Insights Team
•
November 3, 2026
Gold struggles near $3,900 as traders assess Middle East developments,US election risks
Gold (XAU/USD) loses momentum on Tuesday as Oil prices rebound after the Wall Street Journal (WSJ) reported a US strike on Iran’s Qeshm Island, dampening optimism over diplomatic efforts that had sent energy prices sharply lower the previous day.
British Pound trades flat while US Midterm Elections take centre stage
The British Pound (GBP) trades almost flat at around 1.3410 against the US Dollar (USD) during the European trading session on Tuesday. The GBP/USD pair consolidates as investors shift their focus to United States (US) Midterm Elections, which will begin later in the North American session.
Australian Dollar: Dovish hike weighs on aussie – Commerzbank
Norman Liebke at Commerzbank notes that the Reserve Bank of Australia (RBA) raised rates to 4.85%, but the Australian Dollar fell as markets saw the move as dovish.
Swiss Franc: Gains against Euro toward May high - Societe Generale
Societe Generale strategists note EUR/CHF has broken a short-term uptrend and failed to hold its 200-day moving average, reinforcing downside momentum. The cross is drifting toward the May low near 0.9095, identified as potential support.
AUD/USD Price Forecast: Australian Dollar faces wrath of RBA’s dovish hike
The Australian Dollar (AUD) underperforms its major currency peers on Tuesday, trading 0.45% lower to near 0.6965 against the US Dollar (USD) during the European trading session.
Japanese Yen: Range trading persists against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/JPY remains stuck in a tight range, with intraday expectations for the Dollar to trade between 157.45 and 158.20. Their 1–3 week outlook keeps USD/JPY confined between 157.00 and 158.60, while the 1–3 month view points to further weakness, though a retest of the January low at 152.08 is uncertain.
Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $48.77 per troy ounce, down 3.39% from the $50.48 it cost on Monday.
Euro struggles as oil gains weigh on EUR/CAD
EUR/CAD depreciates after registering gains the previous day, trading around 1.5620 during European hours on Tuesday. The currency cross is facing challenges as the Canadian Dollar (CAD) receives strong support from rising crude oil prices.
Euro: Hawkish ECB cushions losses against US Dollar - ING
Francesco Pesole at ING notes EUR/USD is trying to establish support around 1.1200 after a strong start to the week. A Democratic sweep could offer some help, but he does not foresee major sentiment changes.