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Forex Major Pairs Weekly Analysis for November 2–6 comes with a packed economic calendar. The Reserve Bank of Australia (RBA), Bank of England (BoE), Eurozone inflation and US employment data could create sharp moves across the seven major currency pairs. My overall approach this week is cautious: the US dollar remains supported, but crowded positioning and major event risk make chasing price dangerous.
The latest November 2 market snapshot placed DXY near 101.83, EUR/USD around 1.1182, GBP/USD near 1.3394 and USD/JPY around 157.73. These are market snapshots, not guaranteed execution prices. Check your broker's live feed before using any level.
Why This Week Could Change the Forex Trend
The market has several reasons to stay active. The US midterm elections on November 3 may influence risk sentiment, while the RBA decision and BoE meeting could change interest-rate expectations. Friday's US Nonfarm Payrolls report will be another major test for the dollar.
Recent positioning data also deserves attention. Yen buying has increased, while speculative euro shorts have reached an unusually elevated level. That creates an interesting situation: EUR/USD could remain under pressure, but an unexpected recovery may trigger a short squeeze. A heavily crowded trade can reverse quickly when the market receives a catalyst.
For the dollar, I am watching DXY and US Treasury yields together. A rising dollar index supported by higher yields would strengthen the bearish case for EUR/USD, GBP/USD, AUD/USD and NZD/USD. If yields fall after weaker US data, dollar bulls may struggle to extend their move.
The weekly calendar is available through the Forex Factory economic calendar. I would avoid opening a fresh position immediately before a high-impact release unless the event risk is already included in the trading plan.
Seven Major Forex Pairs: Weekly Bias and Key Levels
1. EUR/USD — Bearish Pressure, But Watch for a Squeeze
Current reference: Around 1.1182. Weekly support: 1.1048. Resistance: 1.1223.
EUR/USD remains vulnerable after trading near a multi-month low. France's negative outlook revision has added pressure to the euro, while elevated short positioning creates the possibility of a sharp recovery if buyers defend support.
My bias is cautiously bearish below 1.1223. A sustained break under 1.1048 would strengthen downside momentum. On the other hand, a clean recovery and daily close above resistance would weaken the bearish view. Traders should also monitor Eurozone October flash inflation on November 4. The earlier EUR/USD inflation support analysis provides additional background.
2. GBP/USD — BoE Decision Is the Main Catalyst
Current reference: Around 1.3394. Technical reference levels: 1.3140 support and 1.3369 resistance from the previous weekly forecast. Since the latest market snapshot is already above that resistance reference, traders should check whether 1.3369 is now acting as support.
The Bank of England is expected to raise its policy rate from 3.75% to 4.00% on November 5, according to a Reuters report. However, the pound's reaction will depend on the vote split, inflation forecasts and Governor Andrew Bailey's comments. A rate hike alone does not guarantee further GBP/USD strength.
My bias is event-driven rather than aggressively bullish. A sustained hold above the reclaimed 1.3369 area could support buyers. A failed breakout followed by a move below that zone would warn of a bull trap. The latest GBP/USD weekly forecast is useful for comparing the earlier structure.
3. USD/JPY — Yields Versus Yen Demand
Current reference: Around 157.73. Support: 157.44. Resistance: 158.96.
USD/JPY remains sensitive to the gap between US and Japanese interest-rate expectations. Higher US yields can support the pair, but stronger yen demand and possible intervention concerns may limit upside. Recent positioning suggests that yen bulls are becoming more active.
My bias is neutral to cautiously bullish above 157.44, provided US yields remain firm. A clean break above 158.96 could open room for another test of higher levels. A daily close below support would shift attention toward a deeper correction. Do not ignore sudden yen strength during thin liquidity.
4. USD/CHF — Dollar Strength Meets Safe-Haven Demand
Reference close: Around 0.8251. Resistance: 0.8310 and 0.8353. Support: 0.8207 and 0.8150.
USD/CHF is trading inside a market-sensitive area. A stronger dollar and rising US yields may support the pair, while geopolitical uncertainty can increase demand for the Swiss franc. This makes the pair particularly sensitive to changes in broader risk sentiment.
My preferred stance is range-aware and cautious. A break above 0.8310 could expose 0.8353. Failure to hold above the middle of the recent range may bring 0.8207 back into focus. Avoid treating a short intraday spike as a confirmed breakout.
5. USD/CAD — Oil and Canadian Employment Matter
Weekly reference support: 1.3898. Resistance: 1.4184.
USD/CAD has two important drivers this week: US dollar direction and crude oil. Stronger oil prices can support the Canadian dollar because Canada is a major energy exporter. However, a broad USD rally can offset that support.
Friday's Canadian employment report arrives alongside US payrolls. That combination could create fast moves in both directions. My bias is neutral inside the wider range. A sustained move above 1.4184 would strengthen the bullish USD/CAD case, while a breakdown below 1.3898 would suggest that sellers are gaining control.
6. AUD/USD — RBA Decision Takes the Lead
Current reference: Around 0.7022. Support: 0.6939. Resistance: 0.7067.
The RBA decision on November 3 is the main event for the Australian dollar. A hawkish statement could support AUD/USD, especially if policymakers remain concerned about persistent inflation. However, a widely expected rate move may already be reflected in price.
My bias is neutral before the RBA announcement. A sustained break above 0.7067 would improve the bullish structure. A rejection followed by a move below 0.6939 would favour sellers. China's economic outlook and global risk appetite also matter for the Australian dollar.
7. NZD/USD — Weak Momentum Needs Confirmation
Current reference: Around 0.5616. Daily pivot reference: 0.57680. Support reference: 0.55151.
NZD/USD has recently struggled, with the New Zealand dollar under pressure after its central bank held rates. The pair may remain sensitive to domestic employment data, US business activity and the wider direction of the dollar.
My bias is cautiously bearish below the daily pivot. A recovery above 0.57680 would challenge that view, while continued weakness could bring 0.55151 into focus. The earlier NZD/USD setup and target analysis offers useful historical context, but its old entry should not be treated as a current signal.
Economic Calendar: Events Traders Must Watch
November 2: US ISM Manufacturing PMI can influence dollar expectations and Treasury yields.
November 3: RBA policy decision and US midterm elections. AUD pairs may react sharply, while election headlines could affect broader risk appetite.
November 4: Eurozone flash CPI, US ADP employment and ISM Services PMI. EUR/USD and USD pairs may see increased volatility.
November 5: Bank of England rate decision, voting details and Monetary Policy Report. GBP/USD is likely to be especially sensitive.
November 6: US NFP, unemployment rate, average hourly earnings and Canadian employment data. This is the week's major event cluster for USD and CAD pairs.
One mistake I often see in event weeks is traders choosing direction before the data arrives. The first candle after a release can be misleading. Spreads may widen, liquidity can thin out and price can sweep both sides before a clearer move develops.
My Weekly Trading Plan and Risk Approach
My overall dollar view is cautiously bullish but not unconditional. DXY near 101.83 is an important reference, yet the index needs follow-through rather than a single strong session. If US yields rise and economic data stays firm, dollar strength may continue. If employment data disappoints and yields fall, that view needs to be reconsidered.
I prefer waiting for a clear break, retest and confirmation on the 1-hour or 4-hour chart. A liquidity sweep around a major level is not enough by itself. Look for a market structure shift, a convincing candle close and a sensible stop location before considering an entry.
There are two psychological traps worth avoiding this week. First, FOMO after a central-bank headline can push traders into poor entries. Second, trying to recover a loss immediately after NFP often leads to oversized positions. I would rather miss the first move than enter without a defined invalidation level. A missed trade is frustrating, but protecting capital matters more.
Reuters Bank of England policy reportPosition size should reflect stop distance and account risk. Do not use the same lot size across all seven pairs because their volatility and pip values are different. Check the position size calculator before placing a trade, and reduce exposure when several USD pairs are effectively expressing the same dollar view.
Final Weekly Bias: What I Am Watching
For this Forex Major Pairs Weekly Analysis, the main focus is the dollar's reaction to employment data and Treasury yields. EUR/USD and NZD/USD remain vulnerable below their key reference zones. GBP/USD and AUD/USD depend heavily on central-bank guidance. USD/JPY needs confirmation from yields, while USD/CHF and USD/CAD require close attention to safe-haven demand and oil.
My plan is to stay selective, especially around the RBA, BoE and NFP releases. No pair has a guaranteed direction. If price invalidates the levels discussed above, the bias must change. I will review the structure again before the New York session rather than force a trade into uncertain conditions.
Written by Ishaan — Trading With Ishaan. This analysis reflects a market outlook for the week of November 2–6, 2026, and should be reassessed as new data arrives.
Frequently Asked Questions
1. Which major forex pairs should traders watch this week?
All seven major pairs deserve attention: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD and NZD/USD. RBA, BoE, Eurozone inflation and US employment releases are the main catalysts.
2. Is the US dollar bullish or bearish for November 2–6, 2026?
The short-term bias is cautiously bullish while DXY and US Treasury yields remain firm. However, weaker US employment data or falling yields could reverse that outlook. Wait for price confirmation rather than relying on a fixed prediction.
