A weekly close above $1,796 will open the door to a meaningful recovery to a 50% retracement of the 2022 price drop ($1,843). Later, bullion prices will reach a June high of $1877.

The Bank of Canada has raised interest rates sharply for the sixth time. In this way, it created an opportunity to pause the hiking cycle.

Economists from Scotiabank say that eventually EURUSD will break the area of 1.0525. Thus, a return to the area of 1.05 is clear.

On Wednesday, board member Toyoaki Nakamura declared that now it’s too early to change the ultra-soft monetary policy. According to him, the unstable economy needs numerous stimuli.

According to Jonathan Heath, deputy governor of the Bank of Mexico (Banxico), the cycle of rate increases is not over yet. Nevertheless, after four consecutive increases of 0.75%, there is now the possibility of a slowdown.

ECB chief economist Philip Lane said in an interview with Milano Finanza interest rates need to be increased several more times in order to reduce price pressures. Such measures are necessary even if overall inflation is close to zero.

Haruhiko Kuroda, the head of Japan's central bank, drew particular attention to the need to keep interest rates ultra-low. The politician rejected the idea of a possible change in monetary policy, which was recently proposed by one of the board members.

The Bank of Japan may give up the 10-year bond yield curve control as soon as next year. This could happen due to the growing prospect of inflation and wage expectations being exceeded.

According to Governing Council member Gabriel Makhlouf, the European Central Bank is likely to raise borrowing costs by half a point this month. This decision is likely to follow a slowdown in inflation and lower growth.

USDCHF broke through the bottom of the key support zone at 0.9355. Credit Suisse analysts expect that the currency pair awaits more decline next month.