Technical Analysis By zForex

[Z Forex]

Daily Analysis by zForex Research Team - 06.23.2025​

Trump’s Iran Strike Fuels Dollar Rally, Pressures Euro and Gold​

Markets opened the week gripped by fresh geopolitical risks after U.S. forces struck Iranian nuclear sites, prompting a wave of safe-haven demand.

The dollar surged as tensions escalated, pulling EUR/USD lower and weighing on risk assets. Gold held near recent highs, while silver rebounded on renewed uncertainty. Central bank outlooks and PMI data remain in focus for the week ahead.

EUR/USD Analysis by zForex Research Team - 06.23.2025​

Trump’s Strike on Iran Lifts Dollar, Weighs on Euro​

EUR/USD dipped to around 1.1480 in early Asian trading Monday as the dollar strengthens following President Trump’s decision to join Israel’s war on Iran, escalating the conflict. Over the weekend, US forces struck three Iranian nuclear sites; Fordo, Natanz, and Isfahan. Trump claimed the facilities were “totally obliterated” and warned of harsher attacks unless Iran seeks peace. The escalation supports safe-haven demand for the dollar, pressuring EUR/USD.

Meanwhile, the ECB cut rates for the eighth time this year but signaled a pause in July. President Lagarde said cuts are nearing an end, which may help limit euro losses.

Resistance is located at 1.1530, while support is seen at 1.1450

Gold Analysis by zForex Research Team - 06.23.2025​

Middle East Conflict Keeps Gold Elevated​

Gold traded near $3,360 per ounce in choppy conditions on Monday, as investors closely watched developments in the intensifying Middle East conflict following U.S. involvement in Israeli airstrikes on Iran. Over the weekend, U.S. forces targeted Iran’s three main nuclear facilities, with President Donald Trump warning of further action unless Tehran agrees to peace. The eruption of war between Israel and Iran has added new fuel to a rally that has pushed gold prices up nearly 30% this year.

Resistance is seen at $3,395, while support holds at $3,316.

 

[Z Forex]

Daily Analysis by zForex Research Team - 06.24.2025​

Ceasefire and Fed Dovishness Pressure US Dollar
The euro climbed to a fresh weekly high near 1.1610 on Tuesday as the US dollar weakened sharply after President Trump announced a ceasefire between Israel and Iran.
The news improved market confidence and reduced demand for safe-haven assets like the dollar, pushing the Dollar Index down from 99.42 to 98.10. On top of that, Fed Governor Michelle Bowman signaled support for a possible rate cut in July, citing rising concerns over the job market.

USD/JPY Analysis by zForex Research Team - 06.24.2025​

Yen Rebounds as Ceasefire Calms Markets
The Japanese yen recovered to around 145.5 per dollar on Tuesday, gaining strength after the ceasefire announcement. Although Iran launched missiles at a US base in Qatar, causing no casualties, the gesture was largely seen as symbolic. Tehran’s decision not to target the Strait of Hormuz further eased fears of major disruptions.
The key resistance is at $146.20 while the major support is at $144.85.

GBP/USD Analysis by zForex Research Team - 06.24.2025​

British Pound Slips to One-Month Low
GBP/USD briefly climbed to 1.3560 in early European trading, supported by dollar softness and anticipation of upcoming speeches from BoE Governor Bailey and Fed Chair Powell. However, the pair remains under pressure, as market doubts linger around the ceasefire’s durability, especially after new missile activity by Israel’s IDF.
Fed rate cut expectations continue to build: odds for July are now at 23%, and 78% for September, fueled by dovish remarks from Governor Bowman.
Resistance is seen at 1.3600, while support holds at 1.3500.