Weekly Forex Forecast for DXY, EUR/USD, GBP/USD, USD/CAD, and XAU/USD (November 24–28, 2025)
By Justin Bennett | Extracted and expanded from: DailyPriceAction.com
As traders prepare for the final trading week of November 2025, the global Forex markets present a wide range of opportunities. With a confluence of technical patterns, key support/resistance levels, and macroeconomic developments, several pairs and commodity markets are shaping up for potentially significant moves. This analysis focuses on the US Dollar Index (DXY), EUR/USD, GBP/USD, USD/CAD, and gold (XAU/USD), highlighting current technical setups and potential outcomes heading into the U.S. Thanksgiving holiday shortened week.
This expanded forecast integrates insights from the original article by Justin Bennett on DailyPriceAction.com along with supplemental information sourced from recent market trends, relevant news headlines, and economic outlooks.
US Dollar Index (DXY)
The US Dollar Index (DXY), which tracks the performance of the dollar against a basket of major peers, remains the centerpiece for many FX traders. Since mid-October 2025, the dollar has remained confined within a broad consolidation channel, and recent price action suggests a potential breakout could be on the horizon.
Key Observations:
– DXY continues to respect a descending channel that originated from the October highs.
– The index is currently testing the upper boundary of the channel near 106.30.
– A confirmed breakout above the 106.30 level would expose the next resistance zone near 107.50–108.00.
– On the downside, a support floor remains at 105.00, followed by the key 104.30 level.
– The Relative Strength Index (RSI) remains slightly above the 50-level, indicating neutral to modest bullish momentum.
Macro drivers such as Federal Reserve policy expectations, upcoming employment data, and geopolitical developments will likely steer direction. According to the CME FedWatch Tool, market participants currently assign a 70% probability of a rate cut by March 2026, which has provided some downward pressure on the dollar in recent weeks.
Summary:
As long as DXY remains below 106.30, the lack of bullish confirmation implies ongoing consolidation. A daily candle close above this level would indicate renewed bullish pressure, potentially triggering a broader dollar rally.
EUR/USD
The euro has staged a modest recovery against the US dollar throughout November, catching support just above the 1.0600 handle. However, EUR/USD is now challenging a major resistance area that could determine the next trend direction.
Technical Setups:
– EUR/USD is trading in a rising wedge formation, with resistance near 1.0950 and ascending support near 1.0800.
– A daily close above 1.0950 could trigger additional upside toward 1.1050 and eventually the 2023 high near 1.1275.
– Conversely, a breakdown below 1.0800 would risk a retest of the 1.0650 support area.
– Bearish RSI divergence hints at weakening momentum as price approaches resistance.
Fundamental Context:
– The European Central Bank (ECB) recently signaled a possible pause in rate hikes, citing slowing economic growth and inflation deceleration.
– Eurozone PMIs are trending below 50, indicating continued contraction in the manufacturing and services sectors.
Summary:
Traders should watch for a breakout from the rising wedge pattern. A failure at resistance near 1.0950 could invite fresh selling pressure. Keep an eye on central bank commentary and Eurozone inflation data scheduled later in the week.
GBP/USD
The British pound has shown surprising resilience amid uncertain macroeconomic conditions. GBP/USD recently bounced from key horizontal support and is approaching an area of significant technical resistance at the top of a broad consolidation range.
Chart Overview:
– GBP/USD has reclaimed the 1.2400 level after finding support near 1.2200
Read more on USD/CAD trading.