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2026 FX Outlook

LIVE10 November 2025USD bearish
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Technical Strategy

ING key support/resistance levels, pattern analysis, and live price positioning

5
Pairs Analyzed
2
Bullish
3
Bearish
0
Neutral

EUR/NOK

Descending triangle with support at 11.20

ING Spot
11.5
↓Bearish
S1 11.20
S2 11.00
S3 10.80
S4 10.50
R1 11.70
R2 11.90
R3 12.10
R4 12.30
T1 11.20
T2 11.00
T3 10.80
Spot 11.50
12.44
10.36
Support
Resistance
Targets
ING Spot
Live Price

Targets

T1
11.2(-2.6%)
T2
11(-4.3%)
T3
10.8(-6.1%)
T4
10.5(-8.7%)

Support

S1
11.2(-2.6%)
S2
11(-4.3%)
S3
10.8(-6.1%)
S4
10.5(-8.7%)

Resistance

R1
11.7(1.7%)
R2
11.9(3.5%)
R3
12.1(5.2%)
R4
12.3(7.0%)

EUR/NOK is in a descending triangle pattern, making lower highs against 11.20 support. A break below 11.20 would accelerate the downtrend toward 11.00 and potentially 10.50-10.80. The long-term REER argues for significant further NOK appreciation.

DXY

Bear flag below broken 2023 uptrend line

ING Spot
100.2
↓Bearish
S1 98.00
S2 97.00
S3 95.50
S4 94.00
R1 101.00
R2 102.50
R3 104.00
R4 106.00
T1 98.00
T2 97.00
T3 95.50
Spot 100.20
106.96
93.04
Support
Resistance
Targets
ING Spot
Live Price

Targets

T1
98(-2.2%)
T2
97(-3.2%)
T3
95.5(-4.7%)
T4
94(-6.2%)

Support

S1
98(-2.2%)
S2
97(-3.2%)
S3
95.5(-4.7%)
S4
94(-6.2%)

Resistance

R1
101(0.8%)
R2
102.5(2.3%)
R3
104(3.8%)
R4
106(5.8%)

DXY has broken below its 2023 uptrend line and is consolidating in a bear flag pattern near 100. The 200-day MA is rolling over. A break below 98 would confirm the next leg lower toward the 95-96 zone. Monthly momentum is firmly bearish.

EUR/USD

Breakout above 2024 descending channel, retesting as support

ING Spot
1.15
↑Bullish
S1 1.1300
S2 1.1200
S3 1.1000
S4 1.0800
R1 1.1800
R2 1.2000
R3 1.2200
R4 1.2400
T1 1.1800
T2 1.2000
T3 1.2200
Spot 1.1500
1.2528
1.0672
Support
Resistance
Targets
ING Spot
Live Price

Targets

T1
1.18(2.6%)
T2
1.2(4.3%)
T3
1.22(6.1%)
T4
1.24(7.8%)

Support

S1
1.13(-1.7%)
S2
1.12(-2.6%)
S3
1.1(-4.3%)
S4
1.08(-6.1%)

Resistance

R1
1.18(2.6%)
R2
1.2(4.3%)
R3
1.22(6.1%)
R4
1.24(7.8%)

EUR/USD has broken above the 2024 descending channel and is retesting the breakout level near 1.15 as support. The 200-week MA is trending higher, confirming bullish momentum. Initial resistance at 1.18, with the 2025 high at 1.20 as key target. A sustained break above 1.20 opens 1.22-1.24.

AUD/USD

Massive double bottom with neckline at 0.68

ING Spot
0.64
↑Bullish
S1 0.6300
S2 0.6200
S3 0.6000
S4 0.5800
R1 0.6800
R2 0.7000
R3 0.7200
R4 0.7400
T1 0.6800
T2 0.7000
T3 0.7200
Spot 0.6400
0.7528
0.5672
Support
Resistance
Targets
ING Spot
Live Price

Targets

T1
0.68(6.3%)
T2
0.7(9.4%)
T3
0.72(12.5%)
T4
0.74(15.6%)

Support

S1
0.63(-1.6%)
S2
0.62(-3.1%)
S3
0.6(-6.3%)
S4
0.58(-9.4%)

Resistance

R1
0.68(6.3%)
R2
0.7(9.4%)
R3
0.72(12.5%)
R4
0.74(15.6%)

AUD/USD is forming a massive double bottom pattern with the neckline at 0.68. A break above this level would project a measured move to 0.72-0.74. Weekly RSI is bottoming and turning higher from oversold territory. This is the most compelling technical setup in G10 FX for 2026.

USD/JPY

Topping formation below 2024 highs, head and shoulders developing

ING Spot
157
↓Bearish
S1 155.00
S2 153.00
S3 150.00
S4 148.00
R1 158.00
R2 160.00
R3 162.00
R4 164.00
T1 155.00
T2 153.00
T3 150.00
Spot 157.00
165.28
146.72
Support
Resistance
Targets
ING Spot
Live Price

Targets

T1
155(-1.3%)
T2
153(-2.5%)
T3
150(-4.5%)
T4
148(-5.7%)

Support

S1
155(-1.3%)
S2
153(-2.5%)
S3
150(-4.5%)
S4
148(-5.7%)

Resistance

R1
158(0.6%)
R2
160(1.9%)
R3
162(3.2%)
R4
164(4.5%)

USD/JPY is forming a potential head and shoulders top below the 2024 highs near 162. The right shoulder is forming near 157-158. A break below the neckline at 153-155 would confirm the pattern and target 148-150. Weekly momentum is diverging bearishly.