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Iran and Israel Pause Attacks; Markets Pause for Breather Ahead of US Inflation Data

(By ATFX Analyst Team)

Key Takeaways

Ceasefire: Iran and Israel paused attacks after the US calls for peace, improving market risk sentiment.

Today’s Focus: With a light economic calendar, geopolitics take center stage. Investors look ahead to tomorrow’s US inflation data, while Germany’s April industrial output is expected to improve, and US May home sales may show modest gains.

Global Market Review 09/06/2026

US semiconductor stocks rebounded, boosting the Nasdaq and the S&P 500. The US Dollar dipped but remained near two-month highs. Gold steadied after losses, while crude oil rose slightly on Middle East news.

Key Events Today:

  • 14:00 EU GERMANY Industrial Production MoM APR **
  • 20:30 US Balance of Trade APR **
  • 22:00 US Existing Home Sales MAY **

June 10th

  • 04:30 API Crude Oil Stock Change ***
  • 09:30 CN CPI & PPI MAY **
  • 20:30 US CPI MAY ***
  • 21:45 BoC Interest Rate Decision ***
  • 22:30 BoC Press Conference ***
  • 22:30 EIA Crude Oil Stocks Change **

Markets Analysis 09/06/2026

  • Resistance: 1.1564/1.1576
  • Support: 1.1509/1.1496

The Euro rebounded but stayed near recent lows, consolidating below 1.1550 and holding above 1.1500 support.

Analyst View: EUR/USD likely to stay range-bound ahead of US inflation and ECB decisions. A breach above 1.1550 could target 1.1580 resistance.

Bias: Short-term bearish

  • Resistance: 1.3381/1.3406
  • Support: 1.3302/1.3278

As Iran and Israel ceased hostilities, market sentiment improved. This indirectly drove GBP/USD to rebound from its intraday low near 1.3306 on Monday, and it continues to hold the support level from the May 18 low.

Analyst View: With GBP/USD holding above its previous low, it may continue to attempt a rebound during the day. If it climbs back above 1.3380, it is expected to break out of its low-range pattern, with key resistance sitting around the 1.3400 psychological mark.

Bias: Short-term bearish

  • Resistance: 160.42/160.85
  • Support: 160.08/159.74

USD/JPY consolidated above the 160.00 level yesterday, tracking the US dollar slightly lower. Market concerns that authorities might intervene again to support the Yen capped further bullish bets.

Analyst View: The pair is trading within a narrow range at elevated levels, indicating that bulls are cautiously waiting on the sidelines. The 10-day MA below at 159.85 is crucial for defending the recent upward channel and bullish momentum.

Bias: Wait-and-see

  • Resistance: 94.49/95.76
  • Support: 87.93/86.35

As Iran and Israel agreed to cease attacks, crude oil prices rose initially before falling yesterday, giving back most of their gains by late trading. Oil briefly broke above $95 before reversing course, though it still posted a modest gain.

Analyst View: Oil prices approached the 20-day MA yesterday, which has been a key resistance since last week. Without positive news for a breakout, the upside for prices is limited. Attention shifts to the 10-day MA; losing this support could lead to a drop below $90.

Bias: Short-term bearish

  • Resistance: 4400/4427
  • Support: 4251/4224
  • Resistance: 73.59/75.75
  • Support: 63.67/61.55

Gold dipped below $4300 before recovering. Uncertainty and bets on a US rate hike keep precious metals defensive ahead of US inflation data.

Analyst View: Gold is near its lowest levels since March 24. As long as it stays below $4400, bears will have the upper hand. Prices may trade within a low range until tomorrow’s U.S. CPI release or new geopolitical developments.

Bias: Trading in a low range

  • Resistance: 50991/51150
  • Support: 50518/50319

On Monday, the three major U.S. stock indices closed mixed, with the Dow falling for a second consecutive day. Despite positive developments in the Middle East, a mixed performance among bank stocks weighed on the market.

Analyst View: The Dow has fallen below its 10-day moving average (MA) after a two-day decline, indicating potential short-term downside. Watch for tests around 50400, where the 20-day MA is located.

Bias: Short-term bearish

  • Resistance: 29925/30246
  • Support: 28892/28567

Most mega-cap tech stocks fell yesterday. However, chip stocks saw a bargain-hunting rebound following last Friday’s sharp sell-off. The semiconductor index surged over 5%, helping Nasdaq bounce back to close higher.

Analyst View: The NAS100 index opened higher yesterday but showed little movement, facing resistance at the 20-day MA. The price remains biased to the downside as the market awaits U.S. inflation data to guide the Federal Reserve’s interest rate decisions.

Bias: Short-term bearish

  • Resistance: 64955/67606
  • Support: 60728/58042

Bitcoin struggled to maintain Sunday’s gains on Monday, pulling back as upward momentum faded. Ongoing net outflows from spot Bitcoin ETFs pose a significant challenge for recovery.

Analyst View: Bitcoin reached a high of over $64,000 yesterday, with critical resistance around $65,600. Weak upside momentum suggests monitoring support levels at $60,728 and $58,042.

Bias: Short-term bearish

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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