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Bitcoin has observed a recovery surge toward $117,000 as on-chain data shows Binance users have been making consistent withdrawals recently. Binance Bitcoin Netflow Has Been Negative Recently As pointed out by CryptoQuant community analyst Maartunn in a Quicktake post, BTC has been flowing out of Binance recently. The on-chain indicator of relevance here is the “Exchange Netflow,” which keeps track of the net amount of Bitcoin that’s entering into or exiting out of the wallets connected to a given centralized exchange. When the value of this metric is positive, it means the inflows are overwhelming the outflows on the platform. Generally, one of the main reasons why investors deposit their coins in exchanges is for selling-related purposes, so this kind of trend can be a bearish sign for the asset’s price. On the other hand, the indicator having a value under zero implies the holders are taking a net number of tokens out of the custody of the exchange. Such a trend may be a sign that the investors are accumulating, which is naturally something that can be bullish for BTC. Now, here is a chart that shows the trend in the Bitcoin Exchange Netflow for Binance, the largest exchange in terms of trading volume, over the past month: As displayed in the above graph, the Bitcoin Binance Exchange Netflow has been negative for the last nine days, indicating that investors have constantly been pulling supply out of the platform. In the same period as these outflows, BTC has seen a recovery run toward the $117,000 level, so it would appear possible that the withdrawals have had a role to play in it. The outflows are also interesting in the context of the two-day Federal Open Market Committee (FOMC) meeting, which kicked off on Tuesday and will conclude on Wednesday with a speech from US Fed Chair Jerome Powell. “Most analysts expect the Fed to cut rates this week, with prediction markets like Polymarket showing a 92% probability of a rate cut,” notes Maartunn. “The steady outflows from Binance may reflect early positioning ahead of this event.” It now remains to be seen how the market will react when Powell delivers the Fed decision, and whether the streak of Bitcoin net outflows from Binance will continue. Bitcoin outflows aren’t the only thing that has occurred on Binance ahead of the FOMC meeting. As CryptoQuant author Darkfrost has pointed out in a Quicktake post, the exchange has also seen massive stablecoin inflows. From the chart, it’s visible that Binance has seen a large stablecoin netflow spike corresponding to the deposit of nearly $2 billion worth of stablecoins. Investors transfer their fiat-tied tokens to exchanges when they want to buy into an asset like Bitcoin, so this could be another indication of investors repositioning in anticipation of the Fed decision. BTC Price At the time of writing, Bitcoin is trading around $116,400, up around 3.6% over the last week.

Today, gold prices are correcting from the record high reached on Tuesday, amid a moderate recovery in the U.S. dollar. The U.S. dollar has paused its decline as markets reposition ahead of the key FOMC rate decision, which has put slight pressure on the precious metal. As a result, gold ended its three-day winning streak after setting a new all-time high. Nevertheless, downward potential remains limited. Investors are convinced that the Federal Reserve will resume its rate-cutting cycle, with two cuts expected before the end of this year. This outlook caps further U.S. dollar strength and supports gold, keeping it near historical highs. In addition, geopolitical risks stemming from the escalation of the Russia–Ukraine conflict and tensions in the Middle East help limit losses in the precious metal, which is traditionally considered a safe-haven asset. This, in turn, calls for caution from XAU/USD bears. From a technical perspective, the Relative Strength Index (RSI) on the daily chart is in overbought territory, which is a key factor encouraging profit-taking in this asset. However, the corrective pullback may be seen as a buying opportunity near the 3658 level. But a decline below this point, leading to further losses under 3630, could drive the precious metal's price toward the 3612–3600 level. This zone represents a solid base for XAU/USD; a break below it would open the way to deeper losses toward support at 3578–3565–3540, on the path to the psychological 3500 level. On the other hand, bulls should wait for sustained growth and a firm break above the round 3700 level before opening positions to continue the established upward trend. The material has been provided by InstaForex Company - www.instaforex.com

The wave structure for GBP/USD continues to indicate the formation of an upward impulsive wave sequence. The wave pattern is almost identical to EUR/USD, as the only "driver" remains the U.S. dollar. Demand for the dollar is declining across the market (in the medium term), so many instruments are showing nearly identical dynamics. At the moment, the formation of the assumed wave 5 continues, within which waves 1 and 2 have already been formed. The current wave structure raises no doubts. It should be remembered that much in the currency market now depends on Donald Trump's policies, and not only trade policy. Occasionally, positive news emerges from the U.S., but the market keeps in mind ongoing uncertainty in the economy, contradictory decisions and statements by Trump, and the hostile, protectionist stance of the White House. The market also fears Fed easing, for which there are now more reasons than just a weak labor market. The GBP/USD pair rose by 50 basis points during Tuesday and Wednesday, which is not much. I cannot say that the news background over these two days demanded a stronger appreciation of the British currency, but it does open additional prospects for it. Let me explain. The Bank of England has paused its cycle of monetary policy easing. Accordingly, the main question for the pound is: how long will this pause last? Its duration will depend on the state of the economy, the labor market, unemployment, and inflation. The UK economy has been growing at a modest pace for several years, but it seems the British Parliament does not expect more. The unemployment rate is rising, inflation is also rising. Based on this, I can assume that over the next year to year and a half, the Bank of England will also balance between two fires, just like the Fed. The UK does not have a NonFarm Payrolls report, so we can judge the labor market only by the unemployment rate and reports on changes in employment/unemployment. The unemployment rate has risen by 0.7% over the past year, but inflation has more than doubled. I dare suggest that the Consumer Price Index is of greater concern to Bank of England officials than unemployment. I believe that in the near future all efforts will be directed at preventing the indicator from moving into the "above 4%" level. Therefore, a rate cut by the Bank of England before the end of the year should not be expected. At the same time, the Fed may lower the rate at all three remaining meetings in 2025, which puts the dollar in a remarkably weak position. That is why I believe the pound's growth potential is now, if not enormous, then quite significant. Inflation in the UK in August did not increase but also did not slow down. This report can be considered positive for the pound. General conclusions The wave pattern of GBP/USD remains unchanged. We are dealing with an upward impulsive section of the trend. Under Donald Trump, markets may still face many shocks and reversals that could significantly affect the wave structure, but at the moment the working scenario remains intact, and Trump's policy is unchanged. The targets of the upward trend section are located around the 261.8% Fibonacci level. Currently, I expect continued growth within wave 3 of 5 with a target at 1.4017. The larger-scale wave structure looks almost perfect, even though wave 4 moved beyond the maximum of wave 1. However, let me remind you that perfect wave patterns exist only in textbooks. In practice, things are much more complicated. At present, I see no reason to consider alternative scenarios or make adjustments. Main principles of my analysis: Wave structures should be simple and clear. Complex structures are hard to trade and often bring changes.If there is no confidence in what is happening in the market, it is better not to enter it.One can never have 100% certainty about the direction of movement. Do not forget protective Stop Loss orders.Wave analysis can be combined with other forms of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

The much expected FOMC cut finally took place, and it is offering a lot of action throughout markets. The rate is now officially at 4.25% (Between 4% to 4.25%). An additional 50 bps is planned by the FED for the rest of the year. As expected Miran dissented for a 50 bps, the dot plot is a bit more dovish than expected. After the volatile past few days, particularly in FX markets and commodities, [...] took the seat of the most violent movements. You can access the official FOMC statement right here. Summary of Economic Projections can be found right here. Also do not forget to log in at 14:30 E.T. to Jerome Powell's Live Press conference through this link. Let's take a look at a few key charts to spot what changed amid this volatility: September 2025 Summary of Economic Projections Summary of Economic Projections, Federal Reserve, September 17 You can access our previous post to see how to read the changes in the SEP. Read More: Bank of Canada cuts rates to 2.50%, FOMC coming up!— North American mid-week Market update Live Market reactions across Markets Post-FOMC release Market Snapshot – September 17, 2025 – Source: TradingView More details on the most volatile assets: Watch out for the Press conference which also offers a lot of volatility! S&P 500 moves higher but rejects highs S&P 500 1H Chart, September 17, 2025 – Source: TradingView Gold hesitant rally Gold 1H Chart, September 17, 2025 – Source: TradingView The US Dollar slides further to new 2025 lows Dollar Index 1H Chart, September 17, 2025 – Source: TradingView US Treasuries hesitant rally US 10Y Bonds 1H Chart, September 17, 2025 – Source: TradingView Safe Trades ahead of the Powell Press Conference! Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

How to Protect Retirement Accounts from Lawsuits Executive Summary Market swings aren’t your only risk in retirement. Legal threats can also erode savings unless you deliberately protect retirement accounts from lawsuits with the right mix of plan selection, documentation, insurance, and timing. This guide turns complex rules into practical steps you can use this year. Why Lawsuit Risk Matters in Retirement Many retirees assume their nest egg is untouchable. However, not all accounts and situations receive equal protection. Personal liability claims, business disputes, divorce orders, tax issues, and poor documentation can expose assets you thought were safe. Your goal is simple and strategic. Keep money inside the “buckets” with the strongest statutory protection, then reinforce weak points with insurance and clean paperwork. Even routine choices, like rolling a 401(k) to an IRA, can change your legal shield more than you’d expect. That’s why it pays to proactively protect retirement accounts from lawsuits before claims arise. Common Paths Creditors Use to Reach Savings To build a defense, first understand the offense. Here are common ways claims try to access retirement money. Personal liability claims. Auto accidents, injuries on your property, or alleged negligence can lead to sizable judgments. Professional or volunteer disputes. Consulting, contract work, or board service may trigger claims tied to your services or decisions. Business debts and guarantees. Personal guarantees can bypass corporate shields and reach personal assets. Family law orders. ERISA plans may be divided via a QDRO, while IRAs are divided incident to divorce under IRC §408(d)(6); state law may also allow garnishment for support. Tax liens and government claims. The IRS and other agencies hold powers that ordinary creditors do not. Fraudulent transfer allegations. Last-minute moves that look like hiding money can be unwound in court. What the Law Already Protects Protection depends on the type of plan, applicable federal rules, and your state’s exemptions. Knowing which “bucket” you own is half the battle. Understanding which accounts actually protect retirement accounts from lawsuits is essential. Employer Plans Covered by ERISA Most private-sector 401(k) and defined-benefit pension plans are governed by ERISA. Governmental and church plans are exempt, and 403(b) coverage depends on the sponsor and the level of employer involvement (governmental/church 403(b)s are not ERISA; certain 501(c)(3) 403(b)s can be non-ERISA if they meet DOL safe-harbor conditions). These employer plans typically include an anti-alienation clause that blocks private creditors from attaching your account. In practical terms, a typical civil judgment creditor can’t seize ERISA plan balances. There are narrow exceptions. The government can enforce tax levies, courts can issue QDROs in divorce or support cases, and criminal restitution orders can reach funds. Outside these exceptions, ERISA plans generally provide robust non-bankruptcy protection. Owner-Only and Small Plans Plans that cover only an owner and spouse, like many solo 401(k)s, are usually not subject to ERISA Title I. As a result, they may lack the same non-bankruptcy shield large employer plans enjoy. They still receive specific bankruptcy protection, but weigh this difference before consolidating everything into a solo plan. Traditional IRAs and Roth IRAs In bankruptcy, traditional and Roth IRAs funded by contributions are exempt up to $1,711,975 per person for cases filed April 1, 2025 to March 31, 2028. Amounts directly traceable to rollovers from qualified plans (401(a), 403(a)/(b), 457(b), and SIMPLE under §408(p)) are exempt without dollar limit. However, outside bankruptcy, IRA protection is governed by state law. Some states shield IRAs broadly; others limit protection based on “necessary support,” and a few provide narrow exemptions. Consequently, your state of residence materially changes your risk. Inherited IRAs Under federal bankruptcy law, inherited IRAs are not exempt as “retirement funds” (Clark v. Rameker, 573 U.S. 122 (2014)); some states provide separate protections under their statutes. 403(b) and 457(b) Plans Whether a 403(b) plan is subject to ERISA depends on the sponsor and involvement: governmental and church 403(b)s are not ERISA; a 501(c)(3) 403(b) can be non-ERISA if it meets the DOL safe-harbor (limited employer involvement), otherwise it is ERISA. Governmental 457(b) plans must hold assets in trust for participants under IRC §457(g). This protects them from the employer’s creditors. Protection from a participant’s personal creditors depends on state law and plan terms. Non-governmental 457(b) plan assets remain the employer’s property and are subject to the employer’s general creditors. This distinction matters when consolidating accounts. How to Protect Retirement Accounts from Lawsuits: A Layered Strategy Think in layers. Start with account type, continue with documentation and titling, and finish with insurance and behavior. Here’s a practical, ordered approach to protect retirement accounts from lawsuits without sacrificing investment flexibility. 1) Favor ERISA When Practical If you still have access to a former employer’s 401(k) with strong protections, consider leaving assets there. ERISA’s non-bankruptcy shield is generally stronger than many alternatives. An IRA rollover might offer broader investments and easier Roth strategies, yet the legal shield can change. Therefore, weigh convenience and investment options against creditor protection and how well they protect retirement accounts from lawsuits before acting. 2) Keep Rollover Dollars Traceable When rolling an ERISA plan into an IRA, keep rollover funds in a clearly labeled “Rollover IRA” and retain statements, because the unlimited bankruptcy exemption applies only to amounts directly traceable to qualifying rollovers under §522(n). 3) Align with Your State’s Rules Because non-bankruptcy IRA protection is state-specific, review your state’s exemptions. If your state offers broad protection, consolidating into IRAs may be comfortable. If it’s restrictive, you may prefer to retain money in an ERISA plan or add further planning. A brief consultation with a local asset-protection attorney can help you avoid costly missteps. 4) Coordinate Beneficiary Designations Spousal rollovers can preserve tax deferral, but creditor protection can change: ERISA protections generally end once assets are rolled to an IRA, and bankruptcy exemptions for IRAs are capped (with unlimited protection for traceable rollovers). Naming a trust can work well; however, the trust must be drafted to comply with retirement account rules so you don’t forfeit long-term tax benefits. For adult children in high-liability fields, a properly designed trust may add creditor protection a direct inheritance cannot. 5) Use Insurance as the Outer Wall Insurance doesn’t replace statutory protections, but it often stops claims before account protections are even tested. Consider: Umbrella liability coverage. One to five million dollars of additional protection is often available for a modest premium. Professional liability policies. Match coverage to your actual consulting, medical, real estate, or board risks. Underlying policy alignment. Ensure home and auto policies meet minimum limits so the umbrella policy applies. Together with strong account selection, this layer helps protect retirement accounts from lawsuits. 6) Avoid Prohibited Transactions in Self-Directed IRAs Real estate or private placements inside IRAs can diversify returns. Yet the rules are strict. Loans between you and the IRA are prohibited. Personal use of IRA-owned property is prohibited. If you violate these rules, the entire account can be deemed distributed, which obliterates tax deferral and any associated protection. If you use an IRA-owned LLC, understand that it’s mainly an administrative tool, not a shield against your personal creditors. 7) Keep Retirement Assets Separate from Business Activities Don’t pledge your IRA or 401(k) as collateral, and avoid guaranteeing business loans that depend on your retirement money. These moves can pierce protection and trigger prohibited transactions. If you’re an owner, use liability-limiting entities for business risks, while keeping retirement assets entirely outside those structures. 8) Plan Early, Not After a Problem Arises Court “look-back” rules can unwind transfers made after you learn of a claim. The safest path is to establish your protection plan while the seas are calm. If a threat already exists, consult counsel immediately and avoid self-directed transfers that can be construed as fraudulent. Case Studies: What Works in Practice Case 1: The Former Executive with a Large 401(k) Fran has $2 million in a former employer’s 401(k). She prefers the flexibility of an IRA, and her state only moderately protects IRAs. She also consults part-time. Practical approach. Fran leaves the balance in the ERISA plan for now, using a small IRA for new contributions and Roth conversions. If she later rolls funds, she’ll title a separate Rollover IRA and keep every confirmation. Meanwhile, she increases her umbrella coverage to $3 million due to consulting risks. This layered plan preserves a strong legal shield while allowing investment flexibility over time. Case 2: The Small-Business Owner with a Solo 401(k) Jake runs an S-corp with a solo 401(k) for himself and his spouse. He wonders whether the plan protects him from business lawsuits. Practical approach. Jake learns owner-only plans generally lack ERISA Title I protections. He tightens corporate formalities, adds a business liability policy, boosts his personal umbrella coverage, and avoids personal guarantees when possible. He considers hiring a part-time employee, which may bring the plan under ERISA. He also evaluates whether rolling part of the balance to an IRA fits his state’s exemptions. The result is a diversified defense rather than a single point of failure. Case 3: The Real-Estate Investor Using a Self-Directed IRA Nora buys a rental property inside a self-directed IRA and considers staying there during winter “checkups.” A friend says it’s fine because it’s a business trip. Practical approach. Nora discovers that any personal use is a prohibited transaction. She never stays at the property, keeps expenses at arm’s length, hires a third-party manager, and increases umbrella coverage to reflect landlord risks. Her IRA remains compliant and protected. Case 4: The Inherited IRA for a High-Liability Beneficiary Sam, a surgeon, will inherit a large IRA. He worries about malpractice claims years down the road. Practical approach. Sam’s father names a properly drafted trust as beneficiary, designed to maintain favorable retirement account tax rules while adding spendthrift protections. The plan balances tax deferral and creditor protection for a child with elevated professional liability. What Usually Does Not Work Last-minute transfers. Moves after an accident or lawsuit often trigger fraudulent transfer claims. Secrecy and concealment. Hiding money invites penalties, destroys credibility, and weakens defenses. One-size-fits-all offshore schemes. Complex offshore trusts can backfire without genuine need and expert management. Magical thinking about LLCs. An IRA LLC streamlines administration; it doesn’t erase personal creditors. Commingling or pledging assets. Mixing personal and plan funds or pledging them as collateral can undo protections outright. Estate Planning that Enhances Protection Estate planning and creditor protection are tightly linked. The choices you make now shape who receives your accounts and how well those accounts stay protected—both during your life and after your death. Refresh beneficiary forms. Update them after marriages, divorces, births, and deaths. These forms control the account even if your will says otherwise. Use per stirpes when appropriate. This designation passes a share to a beneficiary’s children if that beneficiary predeceases you, preventing accidental disinheritance. Consider trusts for vulnerable heirs. Well-drafted trusts can preserve tax benefits while adding ongoing creditor protection. Coordinate with your spouse. Spousal rollovers can extend tax deferral; however, once ERISA plan assets are rolled to an IRA, ERISA anti-alienation no longer applies and IRA creditor protection depends on bankruptcy limits and state law. Documentation, Titling, and Process Paperwork proves protection. If you ever need to show that dollars carry special status, records will do the talking. Thorough records help protect retirement accounts from lawsuits when questions arise. Save plan documents and adoption agreements. These establish ERISA applicability. Keep rollover confirmations and statements. Store them with IRA custodial agreements for easy tracing. Title accounts clearly. Use labels like “Rollover IRA” to make the source obvious at a glance. Log contributions, rollovers, and conversions. Clean records simplify taxes and legal tracing. Special Risks to Monitor Tax issues. The IRS has broad collection powers. Staying current is cheaper than enforcement. Divorce and support orders. QDROs can access certain funds; early planning and fair settlements reduce surprises. Changing states. Moving can change your exemptions; review your plan whenever you change domicile. Side gigs and board roles. New activities add liability; update contracts and coverage accordingly. A Layered Action Plan to Protect Retirement Accounts from Lawsuits Inventory accounts. List plan type, employer plan or IRA, and whether funds are rollover or contributory. Identify ERISA protection. Flag any accounts with federal anti-alienation provisions. Map state exemptions. Review a current summary of your state’s IRA rules or speak with local counsel. Decide on rollovers deliberately. Confirm how a move changes your legal shield before transferring so you protect retirement accounts from lawsuits. Update beneficiary designations. Align forms with your estate plan and desired protections for heirs. Raise umbrella coverage. Coordinate home, auto, and umbrella policies with adequate limits. Avoid prohibited transactions. If using a self-directed IRA, obtain guidance before every deal. Schedule annual reviews. Revisit after major life changes or when laws shift. Plain-English FAQs Should I roll my old 401(k) into an IRA at retirement? Maybe. ERISA plans typically offer stronger shields against private creditors; IRAs offer investment flexibility but rely on state law outside bankruptcy and have a federal bankruptcy cap of $1,711,975 for contributed amounts (rollover dollars traceable from qualified plans are exempt without limit). Choose the path that better protects retirement accounts from lawsuits. Do umbrella policies actually help? Yes. Umbrella policies often intercept claims before they threaten personal assets. They aren’t perfect, yet they’re relatively inexpensive for the protection gained. Work with an agent who understands how businesses, rentals, or hobbies change your risk profile. Are inherited IRAs protected for my adult children? Under federal bankruptcy law they’re not exempt (Clark v. Rameker), though some states provide statutory exemptions; consider a properly drafted trust for heirs in high-liability fields. Can a self-directed IRA LLC shield me from my personal creditors? No. The LLC primarily eases administration and speeds transactions. It doesn’t turn your IRA into a fortress against your liabilities. Protection comes from the retirement account rules, proper titling, and adherence to prohibited-transaction restrictions. Tying It All Together To truly protect retirement accounts from lawsuits, combine the legal shield of ERISA or state-protected IRAs, the practical shield of robust insurance, and the procedural shield of impeccable documentation. No single tool is enough. Together, they reduce the odds that a claim ever touches your savings and improve your leverage if one does. Start with what you control today. Confirm which plans are ERISA-protected, label and separate your Rollover IRA, refresh beneficiary forms, and right-size your umbrella coverage. Then schedule a brief conversation with a local asset-protection attorney to confirm your approach fits your state’s rules. With a layered strategy of account type, documentation, and insurance, you can confidently protect retirement accounts from lawsuits and keep your financial independence intact. Key Takeaways Leverage ERISA. Employer plans usually provide the strongest non-bankruptcy protection from private creditors. Know your state. Outside bankruptcy, IRA protection depends on state exemptions; plan accordingly. Document rollovers. Keep Rollover IRAs traceable to preserve enhanced bankruptcy protection. Reinforce with insurance. Umbrella and professional liability policies stop many claims at the gate. Avoid prohibited transactions. Self-directed IRA missteps can collapse tax benefits and legal protection at once. Final Word The law gives you powerful tools. Use them early, use them together, and keep them current. With a layered strategy of account type, documentation, and insurance, you can confidently protect retirement accounts from lawsuits and keep your financial independence intact. The post How to Protect Retirement Accounts from Lawsuits first appeared on American Bullion.

Pi Coin is struggling to register any bullish momentum, and all indicators suggest this might continue into the foreseeable future. Since its launch, the Pi Network price has crashed by about 88%, which has left many early supporters and holders worried about its future. Recent market data shows that the decline can be attributed to massive token unlocks and weak liquidity on crypto exchanges. Furthermore, new developments show that unless market dynamics improve, Pi Network may face even more declines in the coming months. Heavy Selling Pressure Pi Due To Token Unlocks Pi’s price action has been full of downtrends, with data showing the cryptocurrency down across multiple timeframes. At the time of writing, the token is currently moving between $0.353 and $0.3606 with poor liquidity and continued unlocking of the tokens. The unlocks have done nothing to help with the situation of things. One of the biggest influences behind Pi Network’s downtrend is the continuous release of unlocked tokens into the market. Pi was created with a max supply of 100 billion tokens, but only 8 billion of those are currently in circulation. Its tokenomics are set up such that tokens are unlocked into circulation every day. According to data from PiScan, there are about 5 billion Pi Network tokens locked right now, and 135.7 million of those are set to be unlocked in the next 30 days. Notably, one unlock event added around 163 million PI tokens worth about $60 million into circulation, a move that contributed further to the cryptocurrency’s price decline. More token unlocks are expected in the near future, and the increase in circulating supply has far outpaced demand. Data from PiScan shows that about 4.5 million Pi worth $1.614 million are released every day. This oversupply problem could leave the price of Pi Network vulnerable, and each token release could further weaken the value of those in circulation. Furthermore, the current order books for Pi Network across several exchanges are extremely thin, leaving too few buyers in the market to absorb the wave of selling pressure. Project Delays: Calls For Bold Action Pi Network’s own development delays have contributed to skepticism among many investors. The long-promised KYC rollout, the V23 upgrade, and full mainnet decentralization have created frustration among users who had anticipated faster progress. In a lengthy post on the social media platform X, prominent community member Mr Spock urged the Pi Core Team to take what he described as bold economic steps to restore stability and build a valuable and sustainable economy. He called for a comprehensive buyback and burn program, noting that aggressive deflationary measures are the only way to protect Pi’s value. According to him, the Core Team should buy back Pi from the open market, permanently burn all transaction fees instead of recycling them, and stop flooding the market with excess supply. He further suggested that Pi’s mining model must be reconsidered either by ending it completely to lock the supply or by introducing utility-based mining that rewards only those who contribute real value to the ecosystem. At the time of writing, Pi Network is trading at $0.3552, down by 1% in the past 24 hours. A drop below $0.350 could guarantee further declines to $0.34.

US Fed Interest Rate Decision: 4.25% vs +4.25% expected, meets consensusUS Federal Reserve Interest Rate Decision (September 2025): Breaking: The Federal Reserve has voted to cut rates in its September decision, bringing the target federal funds rate to 4.00-4.25%. The cut represents the first time since December 2024 that the Fed has voted to lower rates, being maintained at 4.5% for the entirety of 2025 - until today. Key takeaway: While the Federal Reserve remains conscious of inflation, poor economic data, especially recent labour reports, have forced the hand of the Federal Reserve into cutting rates. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

US-based REX Shares has stirred significant anticipation in the crypto community by announcing the launch of its Dogecoin (DOGE) and XRP exchange-traded funds (ETFs) on September 18. Imminent Launch Of REX Shares’ DOGE And XRP ETFs? In a post on social media platform X (formerly Twitter), REX Shares promoted the upcoming launch of the REX-Osprey XRP ETF, under the ticker symbol XRPR, and the REX-Osprey DOGE ETF, designated as DOJE. These ETFs can potentially be the first exchange-traded products that allow US investors to access Dogecoin and XRP. This could open new avenues for retail and institutional investors and increase demand, which could further raise their prices. Nate Geraci, co-founder of the ETF Institute, echoed REX Shares’ excitement, emphasizing the significance of these products. He declared, “First ever DOGE ETF, period. First XRP ETF offering spot XRP exposure.” Crypto ETF Surge In Coming Months Bloomberg ETF experts Eric Balchunas and James Seyffart have recently projected that REX-Osprey’s offerings could hit the market on Thursday, despite the SEC’s recent extension of decisions for other cryptocurrency ETFs. The landscape for ETF approvals is further complicated by the delayed amendment for BlackRock’s Ethereum staking application, which has also been postponed to October 30. Balchunas attributes these delays to ongoing coordination between the SEC and exchanges like Cboe and NYSE regarding updated listing standards. However, Balchunas anticipates that streamlined procedures, expected to be approved in October, could lead to a “flood of ETFs probably in a couple months,” significantly enhancing institutional adoption of cryptocurrency investments. Despite the bold proclamation from REX Shares, the US SEC has yet to officially confirm the approval of these ETFs or any similar applications from other firms seeking to provide direct exposure to the spot prices of these digital assets. Featured image from DALL-E, chart from TradingView.com

The XRP price is once again at the center of discussion in the cryptocurrency market after a market expert reiterated their bold long-term forecast. The founders of EasyA, Dom and Phil Kwok, say the token still has the potential to hit $1,000, even if it takes longer than first expected. They explain that the short-term view is not yet clear, but the long-term case for XRP remains strong. EasyA Founders Stand By $1,000 XRP Price Prediction Dom and Phil Kwok joined host Tony Edward on the Thinking Crypto podcast to share their updated thoughts on XRP. Edward recalled their earlier bold forecast of $1,000 by 2030, which still excites many supporters. Dom Kwok made it clear that the short-term outlook is still “formulating,” meaning they are not ready to set a concrete target for the current cycle. However, he confirmed that the long-term thesis remains intact, and the bold forecast is still alive. According to Dom, a significant amount of new money could enter the market once the rules are clarified. When those approvals are in place, Dom believes that large amounts of new capital could flow into XRP. The market expert noted that the legal teams of hedge funds and asset managers are working out the rules to determine how they can start investing in other tokens. With the SEC lawsuit against Ripple now resolved, many of the barriers that held back institutions are gone. For the EasyA founders, this shift in the investment landscape is key to why the XRP $1,000 price target remains in place. Network Effects And Developer Momentum Strengthen XRP’s Case Phil Kwok spoke about another driver for the XRP’s growth: network effects. He explained that when prices rise, more developers become involved and build. Recent performance shows why the EasyA founders remain confident. The XRP price has climbed 456% since last year, trading above $3, and it is now the best-performing large-cap altcoin. Dom also pointed out that price charts matter because falling prices scare off both users and builders. With the XRP price showing steady gains, it is drawing more investors and developers to its network. The short-term outlook is still uncertain, but the long-term belief in $1,000 continues to drive discussion. While Dom and Phil Kwok stand by their bold forecast, other experts, such as Matthew Brienen of CryptoCharged, have suggested that the price could reach that level by 2035 instead. Even with the extended timeline, XRP’s strong position, growing utility, and the attention of institutions and developers all point toward a long-term path of significant growth. For many in the XRP community, the $1,000 price target remains a central rallying point, even if the timeline shifts.

Anfield Energy’s Shootaring Canyon Mill project in southeast Utah. Credit: Anfield Energy Anfield Energy (TSXV: AEC) has been approved to for listing on the NASDAQ, with trading set to begin on Sept. 18 under the symbol “AEC”. Its OTC-listed shares will then cease trading, while its Canadian-listed stock will continue to trade under the same symbol. The company applied for the NASDAQ listing in April 2025, seeking to leverage its US-based uranium asset base at a time when domestic production of the nuclear fuel is falling short of anticipated demand. “With all of Anfield’s assets located in the United States, and with the United States having the largest installed nuclear reactor base worldwide – but producing less than 1% of required uranium – we believe the company is well positioned to attract additional US investor interest as a potential near-term uranium producer,” Anfield’s CEO Corey Dias stated at the time of application. “The listing will both elevate our profile in the United States and provide greater visibility and exposure to a broader institutional and retail investor base,” Dias reiterated in a press release issued Wednesday. The listing approval sent Anfield Energy’s Toronto-listed shares 13% higher by midday, with a market capitalization of approximately C$134 million ($97 million). Emerging US producer Anfield currently has over 20 uranium assets in its pipeline across the Western US. The closest to production is the Velvet-Wood project in Utah, which the US government had selected for fast-tracked permitting as part of the Trump administration’s efforts to boost domestic production of critical minerals. Located about 200 miles (322 km) south of Salt Lake City, the proposed mine comprises two separate areas that together hold 4.6 million lb. of uranium oxide equivalent (eU3O8) in the measured and indicated category, plus 552,000 lb. in the inferred category. Most of the work at the mine is expected to take place underground, targeting known mineral deposits left from earlier operations. In Wednesday’s release, CEO Dias confirmed that the company is pushing to start mine construction at Velvet-Wood in 2025. The project obtained environmental approval in May, becoming the first to be greenlit under a compressed 14-day review timeline. Elsewhere in Utah, Anfield also intends to reopen the Shootaring Canyon uranium mill, situated to the west of Velvet-Wood about 48 miles (77 km) south of Hanksville. The facility is one of only three licensed, permitted and constructed uranium mills in the US, and had a brief period of production during the 1980s. Both Shootaring Canyon and Velvet-Wood were acquired together by Anfield in 2015 from Uranium One.

B2Gold (TSX:BTO) (NYSE AMERICAN: BTG) is open to mergers and acquisitions but may hold off until 2026, when management expects the market to assign greater value to its fully ramped-up Goose mine in Nunavut and the Fekola Regional project in Mali, President and CEO Clive Johnson said this week at Forum Americas in Colorado Springs. Johnson’s comments come as B2Gold joins a sector seeing a surge of deal-making in 2025, with Australian and Canadian miners driving consolidation. Recent transactions include Equinox Gold’s merger with Calibre Mining, Northern Star’s purchase of De Grey Mining, and Torex Gold’s acquisition of Prime Mining. Analysts at Jefferies noted on Wednesday that B2Gold may be waiting until its shares are re-rated higher before pursuing any transactions. The company said this week its Goose project had poured first gold in June, with commercial production expected in the coming weeks. B2Gold now forecasts 2025 output from Goose at 80,000 to 110,000 ounces, down from earlier guidance of 120,000 to 150,000 ounces, citing crushing plant capacity issues. Fourth-quarter production at Goose is expected at 70,000 ounces. Production is still forecast at 250,000 ounces in 2026, rising to 330,000 ounces in 2027. Over its first six years, Goose is expected to average 300,000 ounces annually. At the Fekola mine in Mali, production has exceeded budgeted levels in the first half of 2025, B2Gold said. The mine recently began underground ore output, while the company anticipates an exploitation permit for the Fekola Regional project by the end of the third quarter. Gold production is expected in early 2026, ramping up to 180,000 ounces a year. Elsewhere, the Otjikoto and Masbate mines outperformed expectations in the third quarter. B2Gold has approved development of the Antelope underground deposit at Otjikoto, cutting pre-production capital costs to $105 million from an earlier estimate of $129 million. Antelope is expected to begin contributing to output in 2026–27, lifting Otjikoto’s production by about 110,000 ounces annually over the life of the mine.

Log in to our mid-week North American Markets overview, where we examine the current themes in North America and provide an overview of indices and currency performances. This week finally lands some fundamental change for the currency space, and this will influence Markets for the time to come. After North American Central Banks holding due to tariffs uncertainty, the latest round of data provided what they needed for their decision-making: The Bank of Canada cuts its main rate to 2.50% after its last cut in March 2025. The change in policy reflects mounting evidence of economic weakness — Canadian GDP keeps contracting with the Q2 numbers and August saw a steep 60K job loss, underlining a still deteriorating labor market. Tariffs on key exports pressured growth leaving no choice for Macklem and the BoC to cut – this comes particularly as Macklem puts less emphasis on inflationary pressures. You can access his statement right here. Governor Tiff Macklem is actually speaking as I write this piece, and the speech is dovish/pessimistic on the Canadian Economy. Also check out our most recent piece on the data right here. The Federal Reserve is now expected to follow suit, with labor market cracks showing in the two most recent NFP releases – Despite US Inflation still elevated, Powell's August shift at the Jackson Hole speech indicated a switch in the FED's narrative (and added pressure from the Trump Administration). Furthermore, with the negative PPI print and a not-too-hot CPI, the green light is here for the FED to start cutting. With the sudden new balance of doves in the FED with Miran entering the meeting just before its start and Lisa Cook not being part of the meeting, an expected more dovish dot plot led to a huge selloff in the US Dollar, particularly as pre-meeting hedging accelerated. Read More:Access technical levels for major FX pairs ahead of the FOMC rate decisionFed (FOMC) Meeting Preview: 25 bps Cut Appears Baked In, Forward Guidance Is Key. Implications for the DXY, Dow Jones and S&P 500Guide to the FOMC statement and September SEP: Key takeaways and what to watch Let's dive right into a few charts to get an overview on North American Markets, from US and Canadian equity Markets performance, USD and CAD performance to USDCAD and DXY charts. North-American Indices Performance North American Top Indices performance since last Monday – September 17, 2025 – Source: TradingView North-American indices are still ravaging their way higher without leaving much space for bears. The ongoing rallies are particularly impressive when looking at other indices, particularly in Europe (Yellow) which struggled quite a lot in the past 1.5 week. The TSX left its throne for the Nasdaq which has been performing sensationally – We will see what was the effect of the most recent Bank of Canada rate cut for the TSX. There is an ongoing profit-taking move in Equities right ahead of the FOMC that is to be monitored! Dollar Index 8H Chart Dollar Index 8H Chart, September 17, 2025 – Source: TradingView As detailed in the chart published in our pre-FOMC FX technical level analysis, the Dollar Index freshly broke its August consolidation range and has stopped its free-fall just before its 2025 yearly lows (96.53 vs 96.23 July 1st lows). I also invite you to check out our most-recent DXY analysis to get further information on why the greenback moved so much these past few sessions. Levels to watch for the Dollar Index: Support Levels: 2025 Lows Major support 96.50 to 97.00Early 2022 Conslidation just below 96.0095.00 Key SupportResistance Levels: Range support now Pivot 97.50 (immediate resistance)98.00 higher timeframe PivotCurrent range Extreme resistance 98.50100.00 Main resistance zoneUS Dollar Mid-Week Performance vs Majors USD vs other Majors, September 17, 2025 - Source: TradingView. As seen through the DXY chart, the US Dollar throughout the past two weeks but the beating accelerated throughout the beginning of this week particularly. The Australian Dollar, Kiwi and Swissie are the two winners of the USD downfall but it seems that there is an ongoing (small) mean-reversion move. 1.5% to 2% move ranges are still huge, particularly in a precedently slow FX Market. Canadian Dollar Mid-Week Performance vs Majors CAD vs other Majors, September 17, 2025 - Source: TradingView. The CAD also took a beating since the release of the Canadian Employment figures as seen in the past week Mid-Week report. Saved by an even lower US Dollar, the Loonie has started to form some type of intermediate bottom despite the dovishness from Macklem – The Canadian Dollar is still at its cycle lows against all European currencies and depreciating also against the JPY, however the latter is a bit more balanced as of late. Intraday Technical Levels for the USD/CAD USDCAD 4H Chart, September 17, 2025 – Source: TradingView Even with the dovish Bank of Canada, the CAD is holding decently strong in today's session – It seems that after the terrible employment data, the beating that the Loonie took priced this exact dovishness as can be seen in the current hesitant upward candle (gravestone doji). Maybe a Sell the fact is taking place for the USDCAD? We will see after the FOMC what happens – I would look at EURUSD or the DXY also to see if USD weakness continues. Levels to place on your USDCAD charts: Resistance Levels BoC highs 1.37721.38 Handle +/- 150 pips1.3850 to 1.3860 Main resistance1.3925 Aug 22 highsSupport Levels Key longer-term pivot turned support 1.3750 (currently testing)1.3660 intermediate support1.3550 Main 2025 SupportUS and Canada Economic Calendar for the Rest of the Week US and Canadian Data for the rest of the week, MarketPulse Economic Calendar This ongoing session is huge and still far from over! The BoC rate decision (09:45 ET) and press conference just concluded with the as expected rate cut to 2.50%, pretty bearish on the Canadian economy but the CAD is holding well (for now). In about 2.5 hours, the spotlight shifts to the Fed at 14:00 ET, with the rate decision, economic projections, and dot plot, capped by Powell’s press conference at 14:30 ET. So much will be on the line for this FED Meeting which will keep Markets occupied for the entire session and upcoming weeks. The rest of the week has less on its plate: On Thursday, focus moves back to the U.S. labor market with the usual weekly jobless claims and the Philly Fed survey at 08:30 ET. Energy traders will also watch the EIA natural gas storage change at 10:30 ET. Friday closes with Canada’s Retail Sales (MoM, Jul), offering another read on consumer resilience or lack thereof. The Bank of Canada now expects a decent rebound towards the end of the year or should keep cutting rates. Watch the data closely (Retail sales actually was one of the better Canadian data and will have to hold). Safe Trades in preparation of the FOMC! Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

BHP (ASX, NYSE LSE: BHP) plans to close its Saraji South joint venture coal mine in Australia and lay off about 750 workers amid weak coal prices and high royalties in Queensland, media including the Australian Broadcasting Corporation (ABC) and The Wall Street Journal reported. Saraji is among five steelmaking coal mines operated in Queensland by BMA, a 50-50 joint venture between BHP and Mitsubishi Development Industry, Australia’s largest exporter of steelmaking coal. Saraji, located near the central Queensland town of Dysart, is to be shuttered in November. The state government’s coal tax has seen BMA pay A$0.67 for every dollar in royalties, or about eight times what the company made in profit, which is unsustainable, BMA President Adam Lancey said in a video posted Wednesday on The Australian’s website. BHP also plans to review its FutureFit mining training academy in Mackay, Queensland. The state’s deputy premier Jarrod Bleijie criticized that decision as “un-Australian,” saying the company should continue investing in young people who aspire to work in the mining sector, ABC News reported. The closure and layoffs mark the second significant set of downsizings by BHP in Australia in almost a year. In October, the company temporarily suspended its nickel operations in Western Australia due to low prices and oversupply. BHP shares fell 1.1% to A$40.31 apiece on Wednesday in Sydney, for a market capitalization of A$204.73 billion. The stock has traded in a 12-month range of A$33.25 to A$46.23. Spokespeople for BHP didn’t immediately respond to a message from The Northern Miner Wednesday seeking comment on the mine closing. Coal down 40% Steelmaking coal traded for $101.75 per ton on Wednesday, according to Trading Economics. Coal has lost about 40% of its value since 2023, when the price averaged $400 per ton, amid weak demand in Europe and parts of Asia. The Saraji Complex produced about 8.1 million metric tons of coal over the 12-month period until June, though Saraji South represents only a small part of the JV’s total output. Its closing might therefore have minimal impact on BMA’s fiscal 2026 or medium-term production, the WSJ said. Coal prices have also proved challenging for other producers in Queensland. Bowen Coking Coal said in July it would put its Burton Mine Complex into administration after its request to defer royalties to Queensland was rejected. ‘Unviable’ coal production Janette Hewson, CEO of industry group the Queensland Resources Council, has urged the state to change its royalty rates, which, combined with low prices are making coal production “unviable.” However, Bleijie said his party had pledged before it was elected last year to not change the royalty structure, the WSJ reported.

A major roadblock was cleared for enCore Energy’s (NASDAQ, TSXV: EU) Dewey Burdock in-situ recovery (ISR) uranium project in South Dakota after the US Environmental Protection Agency waived off a petition by local communities challenging its permitting decisions. In a press release issued on Wednesday, the company said the EPA environmental appeals board has dismissed a petition for review filed by the Oglala Sioux Tribe, Black Hills Clean Water Alliance and NDN Collective against its issuance of the project’s Class III and Class V underground injection control (UIC) permits, which are essential to the ISR operation. This decision, says enCore, allows the Dewey Burdock project to advance through federal permitting with the intent to commence state permitting activities in 2025, accelerating its development ahead of schedule. The project, which seeks to tap into nearly 25 million lb. of uranium oxide (U₃O₈) in resources, has been tied up in regulatory review and litigation for more than a decade, including challenges before both the Nuclear Regulatory Commission (NRC) and the EPA. The latest petition concerns alleged violations of the Safe Drinking Water Act, the Administrative Procedure Act and the National Historic Preservation Act, which the EPA denies. With the EPA ruling, the Dewey Burdock project now has all major federal authorizations to proceed with permitting, including the NRC source materials license (2014) and EPA UIC permits (2020), which the company says are final and effective. “This decision by the EAB affirms the validity of the permits and the integrity of the regulatory process following years of administrative and judicial review. The Dewey Burdock project is part of enCore’s US production pipeline, and today’s decision provides the certainty needed to continue advancing toward development,” stated Robert Willette, acting CEO of enCore Energy. With its permitting status solidified, enCore Energy’s share price shot up 3.4% to $2.60 on the NASDAQ by midday, giving the Texas-based uranium producer a market capitalization of $483.6 million. Fast-tracked project The EPA decision comes weeks after Dewey Burdock was added to the FAST-41 program, which the Trump administration is using to fast-track federal permitting for key critical minerals projects in the US. A preliminary economic assessment assumes that the permitting and licensing would be complete by the third quarter of 2026. However, engineering work is anticipated to commence in early 2026, and construction of the central processing plant would start a year after that. Once in operation, the plant is expected to process 1 million lb. of uranium per year, recovering more than 14 million lb. over its life.

Tether, the company behind the widely used stablecoin $USDT, is taking its next major step in the U.S. market. The firm has announced plans to roll out a new dollar-backed stablecoin called $USAT, designed to be fully compliant with U.S. regulations. And despite its expansion plans, the company has made one thing clear: it will remain a private enterprise. Navigating New Regulations The GENIUS Act clarified the US stablecoin landscape, and Tether is wasting no time in taking advantage. The law requires stablecoins issued domestically to be: backed by high-quality, liquid, U.S. dollar-denominated assets to provide monthly transparency into reserve holdings to undergo regular audits $USAT is being structured precisely to meet these requirements – and position itself to be the go-to crypto for the US stablecoin market. Anchorage Digital Bank, a federally chartered trust bank, will issue the stablecoin and help ensure regulatory compliance. To oversee the U.S.-facing push, Tether has appointed Bo Hines, formerly of the White House Crypto Council, to lead $USAT. The entire project is clearly focused on capturing a distinctly American feel for Tether’s latest offering. But while Tether hopes $USAT will capture public interest, Paolo Ardoino, the CEO, has no interest in taking Tether public. Strong Financial Foundations, Privacy Priorities That’s at least partially due to the fact that Tether is already highly profitable, decreasing the need for the company to seek public investment. With profits of roughly $13.7B in the previous year, there’s no need for Tether to go public to raise capital. Ardoino has said that being a private company allows the firm to focus long-term on its mission without having to answer to public market analysts every quarter. $USDT remains Tether’s key global stablecoin, widely used in emerging markets and across crypto trading with a $171B market cap. However, $USDT is structured under foreign issuer status when it comes to U.S. regulation. $USAT, by contrast, will operate under the laws and oversight required by U.S. authorities. The idea is for $USAT to capture the US domestic market and support $USDT’s continued market growth overseas, forming a 1-2 punch for Tether. On the back of growing stablecoin adoption, more and more crypto users are turning to versatile, powerful web3 crypto wallets – like Best Wallet. Best Wallet Token ($BEST) – Better Utility for Best Non-Custodial Crypto Wallet Keep your crypto keys, keep your crypto tokens. The oldest axiom of the blockchain still rings true as the total crypto market cap grows from a few nerds swapping bitcoins to over $4T in thousands of cryptos around the world. Best Wallet provides cutting-edge biometric and MPC security on top of a highly versatile and powerful web3 wallet. It’s fully non-custodial, so investors always control their own tokens. And the Best Wallet Token ($BEST) itself provides a range of added utility, including cheaper swaps and higher staking yields. $BEST and Best Wallet form part of a growing ecosystem, with plans for Best Card to making spending crypto easier than ever. The presale has raised nearly $16M so far, with tokens priced at just $0.025655. Visit the Best Wallet Token presale today. Tether’s move with $USAT adds more fuel to competition in the stablecoin space, especially with players like Circle’s $USDC already operating under stricter regulatory norms. But for consumers – especially those underserved by traditional banking – $USAT and powerful crypto wallets like $BEST could represent a more accessible path into regulated digital finance. Authored by Aaron Walker, NewsBTC — https://www.newsbtc.com/news/tether-us-stablecoin-launch-best-wallet-token-presale

The Canadian dollar has posted small gains on Wednesday. In the North American session, USD/CAD is trading at 1.3762, up 0.17% on the day. BoC reduces rates to 2.5% There were no surprises from the Bank of Canada, which lowered its policy rate by a quarter-point to 2.5%, its lowest level since July 2022. This was the first time the Bank of Canada lowered rates since March, as it was forced to respond to signs of weakness in the economy and lower inflation. The rate statement said that a rate cut was justified, given that the economy had weakened and there was less upside risk to inflation. The US tariffs were expected to have a further dampening effect on economic activity. The statement made three references to the uncertainty of the economic outlook, which has required the BoC to act cautiously. At a follow-up press conference, Governor Macklem defended the rate cut due to a weaker labor market and less upside pressure on underlying inflation. What was missing from the rate statement and press conference was any forward guidance about future rate cuts, as the central bank doesn't want to be pushed into any corners with regard to future decisions. If inflation risks continue to fade, the BoC could deliver one or even two rate cuts before the end of the year. Federal Reserve poised to lower rates The Federal Reserve is virtually certain to lower rates at today's meeting, barring a monumental surprise. The expected rate cut would be the Fed's first since December 2024. With the rate decision virtually a given, investors will be looking for some clues as to whether the Fed is looking at further rates cuts before the end of the year. USD/CAD Technical USD/CAD is testing resistance at 1.3752. Above, there is resistance at 1.3770There is support at 1.3721 and 1.3703 USDCAD 1-Day Chart, September 17, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Bitcoin is trading above the $115K level as the market enters a decisive week, with attention squarely on tomorrow’s Federal Reserve meeting. Investors prepare for potential policy changes, as they expect the Fed to announce its decision on interest rates—an outcome that could set the tone for global markets in the coming months. Top analyst Axel Adler explains that Bitcoin’s price action reflects cautious optimism. Ahead of the FOMC meeting, BTC is locked in a narrow corridor of $114.6K–$117.1K, with its high/low levels gradually shifting upward. Adler points out that this structure suggests a constructive trend, indicating that buyers are slowly gaining the upper hand despite the lack of a decisive breakout. Currently, Bitcoin is holding in the upper third of its range, but without a strong impulse before the Fed event. This positioning reflects a market waiting for confirmation rather than aggressively speculating. Traders and long-term investors alike are watching closely, knowing that the Fed’s policy stance—whether a modest or aggressive cut—could spark volatility across risk assets. Bullish Sentiment Supports Breakout Scenario According to Axel Adler, bullish sentiment currently dominates the Bitcoin market, creating conditions that favor an upward breakout. Adler highlights that Advanced Sentiment sits at 68.8%, a level that is close to the upper boundary of High Bull Sentiment. This indicates that optimism is prevailing among traders and investors, with market psychology leaning heavily toward an expectation of higher prices. Such a backdrop provides a clear advantage should tomorrow’s FOMC outcome be interpreted positively by the market. Adler emphasizes that while the market remains in a consolidation range, bullish sentiment tilts the balance toward strength. When bullish sentiment rises to such elevated levels, it often signals that large participants are positioning themselves in anticipation of a breakout. Historically, similar sentiment dynamics have accompanied strong upward moves, especially when combined with supportive macroeconomic events. The Federal Reserve’s decision on interest rates is seen as the key trigger that could unleash this next leg higher. Even amid ongoing uncertainty and inherent volatility, most analysts align with Adler’s perspective that Bitcoin and the broader crypto market are setting up for higher levels. If the Fed confirms a moderate rate cut, it could provide the spark that aligns technical structure, sentiment, and macro drivers in favor of Bitcoin’s continuation toward uncharted highs. Bitcoin Price Analysis: Sideways With Bullish Bias The 8-hour chart of Bitcoin shows the price currently trading at $116,607, consolidating near short-term highs after a steady recovery from early September’s dip around $110K. This sideways price action is forming just below the major resistance zone at $123,217, which remains the key breakout level for bulls. The moving averages provide important context: the 50 SMA has turned upward, signaling renewed momentum, while the 100 SMA is flattening, and the 200 SMA still acts as a deeper support at $115,387. Bitcoin holding above these averages reinforces the constructive setup, with buyers continuing to defend key levels. The narrow range between $114.6K and $117.1K highlights indecision ahead of tomorrow’s FOMC meeting. A break above $117.5K would increase the probability of a retest toward $123K, while a drop below $114K could expose Bitcoin to deeper corrections around $112K–$113K. Overall, the chart suggests that Bitcoin is in a sideways consolidation with a bullish bias. Momentum remains constructive, but a decisive move will likely depend on the Federal Reserve’s decision. Traders are watching for a breakout confirmation, as the current positioning favors bulls but leaves room for volatility. Featured image from Dall-E, chart from TradingView

The main event of the week — and of today — is the Federal Reserve's policy meeting. As market participants brace for the interest rate decision (scheduled for 18:00 GMT), the dollar is undergoing a correction, with the USDX index rebounding from its two-month low recorded on Tuesday near the 96.55 mark. The dollar is seeing a slight recovery — its sellers appear to be locking in some profits ahead of the key Fed announcement. However, today's Fed decision may shape the future trajectory not only of the US dollar but also of risk assets, including Bitcoin and other digital currencies. The BTC/USD pair, after reaching a four-week high near 117,320.00 in early European trading, is correcting downward ahead of the Fed's announcement. At the time of this publication, the pair is trading around 116,350.00. Nevertheless, crypto market experts believe that the immediate market response will depend less on the actual rate cut itself and more on the statements from Fed Chairman Jerome Powell and his guidance regarding future monetary policy steps. Possible scenarios An aggressive rate cut (more than 25 basis points) could spark a rally in risk assets, including cryptocurrencies. No significant changes may lead to a price correction. A "hawkish" Fed tone (unexpectedly firm) could trigger heightened volatility, especially given currently elevated asset valuations. In August, amid speculation over the Fed's September decision, Bitcoin hit an all-time high at about 124,500.00, but ended the month down 13% from its peak. Meanwhile, crypto analysts emphasize that interest rates are not the sole driver of Bitcoin's price trend. Even a rate cut might not lead to price growth if it's rooted in economic weakness, while high inflation and investor caution could continue to dampen risk appetite. Conclusion The market is watching the Fed's policy meeting closely, but it's important to remember that a broader mix of economic factors and investor sentiment plays an equally significant role in shaping the future direction of the crypto market. Overall, our base case remains a further upward move in Bitcoin. A breakout above today's high of 117,320.00 could once again pave the way toward the recent record highs near 124,500.00. Any correction following the Fed's decisions and forecasts is likely to remain limited to the support zone around 115,000.00–113,500.00. The material has been provided by InstaForex Company - www.instaforex.com

The Director of Brazil’s National Mining Agency (Agência Nacional de Mineração), Caio Seabra Filho, was arrested on Wednesday as part of a wide-ranging federal operation targeting corruption, environmental crimes, and illegal mining activity in the mineral-rich state of Minas Gerais. Launched by the Federal Police in partnership with the Federal Prosecution Service, the Comptroller General’s Office (CGU), and Brazil’s Internal Revenue Service, the investigation revealed a complex criminal network accused of fraudulently securing environmental and mining licenses. These licenses enabled illegal iron ore extraction in areas protected under federal environmental and cultural heritage laws. Among the lands granted unlawfully were sections of highly sensitive areas, including parts of the Serra do Curral, the Cercadinho Ecological Station, and the Serra do Rola Moça State Park. According to the Federal Police, the primary target of the investigation is a conglomerate of more than 40 companies, led by a holding called Minerar S.A., which is active in iron ore extraction across several environmentally sensitive regions of Minas Gerais. Authorities allege that public officials and private actors worked in tandem to bypass regulatory processes and greenlight high-value mining projects without proper oversight or legal compliance. In total, law enforcement carried out 79 search and seizure warrants and issued 22 preventive arrest orders. Over 1.5 billion reais (approximately $300 million) in assets were frozen or seized, and operations of companies directly linked to the scheme were suspended. Investigators also flagged several active projects tied to the network that could exceed 18 billion reais ($3.6 billion) in economic value. Seabra, a lawyer specialized in mining and environmental law, was appointed to the agency’s board in late 2023. He previously held influential roles within the ANM, including director of area availability and superintendent of mineral resources. In addition to the arrest of ANM director, the operation also led to the detention of Rodrigo de Melo Teixeira, former director of administrative police at Brazil’s Federal Police and currently assigned to the Brazilian Geological Survey. Investigators suspect that he held a hidden ownership stake in a mining company, in a direct conflict of interest. Over the past decade, Minas Gerais — one of Brazil’s top mining jurisdictions — has faced sustained scrutiny following the Mariana (2015) and Brumadinho (2019) tailings dam disasters.

Lithium Ionic (TSXV: LTH) said a definitive feasibility study for its Bandeira project in eastern Brazil shows higher returns, lower capital costs and a longer mine life than prior calculations. Thanks to increased reserves and an optimized mine design, Bandeira is now projected to deliver a post-tax net present value of $1.45 billion instead of the $1.31 billion estimated by a May 2024 study, Lithium Ionic said Wednesday in a statement. The project’s internal rate of return climbs to 61% from 40% while the payback period shrinks to 2.2 years from 3.4 years. News of the improved economics comes about four months after Lithium Ionic lifted the project’s contained resources by about one-third over the 2024 study. Located in Minas Gerais state, Bandeira sits about 1,000 km north of Rio de Janeiro. Production is expected to start in the second half of next year, according to a presentation posted on the company’s website. “What was already a robust project is now even stronger – delivering a longer mine life, lower capital requirements and significantly improved project economics,” CEO Blake Hylands said in a statement. “These results reinforce Bandeira’s position as one of the most competitive hard-rock lithium projects globally.” Lithium Ionic shares advanced 3.8% to C$0.82 Wednesday morning in Toronto, giving the company a market value of about C$130 million. The stock has traded between C$0.50 and C$1.15 in the past year. First quartile Capital expenditures – including contingency – are now estimated at $191 million, 28% less than the $266 million calculated earlier. Operating expenses are pegged at $378 per tonne of spodumene concentrate, which the company says would put the project in the first quartile of global lithium production costs. Bandeira is projected to operate for 18.5 years, up from 14 years in the prior study. Annual spodumene concentrate output should average 177,000 tonnes over the mine’s life, the company says. Measured and indicated resources now total 27.27 million tonnes grading 1.34% lithium oxide (Li₂O) for 901,059 tonnes of lithium carbonate equivalent (LCE), compared with the 696,520 contained tonnes in last year’s study, the company said May 6. Inferred resources for the project logged a slight 1.9% increase to 18.55 million tonnes at 1.34% Li₂O, or 615,432 contained tonnes of LCE. The project claims sit across 1.6 sq. km, representing about 1% of the company’s 141.8-sq.-km land package in Brazil’s “Lithium Valley.” The area is also home to another Lithium Ionic project, Salinas, about 120 km north of Bandeira.

Ivanhoe Mines (TSX: IVN) has agreed to a $500 million investment from Qatar that gives its sovereign wealth fund 4% of the Canadian copper miner founded by billionaire Robert Friedland. Ivanhoe Mines plans to issue 57.5 million common shares to the Qatar Investment Authority (QIA) through a private placement at a price of C$12 per share, according to the deal announced on Wednesday. Shares in Ivanhoe were flat at C$13.19 apiece in Toronto on Wednesday morning — about 9% more than the placement offer — valuing the company at C$17.8 billion. The investment “is a powerful endorsement of Ivanhoe Mines’ vision to be a leading supplier of critical metals that will drive the electrification of the global economy, development of new energy infrastructure, and growth of advanced technologies like large-scale data centres and AI,” executive co-chair Friedland said in a release. “QIA’s forward-looking vision is fully aligned with our own.” Ivanhoe operates the Kamoa-Kakula copper complex and the Kipushi zinc-copper-germanium-silver mine in the Democratic Republic of Congo as it prepares to start production this year from the Platreef platinum group metals project in South Africa. The company is working to overcome flooding at Kamoa after setting output records. Eastern investors Friedland is no stranger to investors outside of North America. China’s CITIC Metal Co. holds about a quarter of Ivanhoe Mines as its largest shareholder, and Zijin Mining, China’s top gold and copper producer, owns nearly 14%. The billionaire has been active in the Middle East in recent years, showing interest in the region’s attempt to pivot away from petroleum through exploration in the Arabian-Nubian Shield region. “Investors might wonder why QIA got such a steep discount when it appears there is a path forward to improving production at Kamoa-Kakula post-seismicity,” Fahad Tariq, a mining analyst at Jefferies in Toronto, said in a note Wednesday. “The discount has more to do with locking up a patient, long-term shareholder in QIA, and because there may be future ‘strategic partnerships’ between Ivanhoe and QIA.” The QIA, which describes itself as among the largest and most active sovereign wealth funds globally, holds $557 billion in assets under management as of last month – including an 8.6% stake in global mining giant Glencore (LSE: GLEN). Most of its funds come from offshore natural gas fields, particularly the North Field, which is the world’s largest single non-associated natural gas reservoir. “This strategic investment reflects QIA’s conviction not only in Ivanhoe Mines’ world-class portfolio of tier-one assets,” fund CEO Mohammed Saif Al-Sowaidi said in the same release. “But more importantly, in supporting its team in finding, developing and sustainably supplying the critical minerals essential to the global energy transition and advanced technology applications.” Copper exploration Ivanhoe said it intends to use the investment to advance those growth opportunities, including more collaboration with the fund, as well as for general corporate purposes. The fund may get seats on Ivanhoe’s board if its ownership rises above 10%. CITIC and Zijin have rights to acquire common shares of Ivanhoe at the same issue price as the fund to maintain their pro rata equity interest. The miner is exploring for copper in the Western Forelands region near Kamoa-Kakula, where it’s found high-grade indicated tonnes in the Makoko district. It’s also branching out to neighbouring Angola and Zambia, as well as Kazakhstan. “Ivanhoe’s journey is only just beginning, as we search the globe for our next discoveries and opportunities to develop new tier-one mines,” Friedland said. “QIA’s investment will be instrumental in opening up new horizons.”

Deutsche Bank has raised its 2026 gold price forecast to $4,000 per ounce, citing continued central bank demand, especially from China, a falling US dollar, and rising uncertainty over Fed independence. In a note to clients, analysts led by Michael Hsueh said that the recent surge in gold still has “further headroom to run,” revising their previous forecast of $3,700 to a more bullish $4,000 per troy ounce on average for 2026. The team pointed to macroeconomic volatility and political developments in the US, highlighting uncertainty created by changes in the composition of the Federal Open Market Committee (FOMC) and growing challenges to the Federal Reserve’s independence. These dynamics, they said, could influence how the central bank adjusts its policy tools in the face of shifting economic conditions next year. Gold has been on a tear in 2025, surging about 41% year-to-date and recently breaking through the $3,700 mark for the first time ever. The rally has outpaced gains in major asset classes like the S&P 500 and pushed bullion beyond its inflation-adjusted peak from 1980. A weakening U.S. dollar—now at its lowest levels since July—has also helped propel prices, as has a widely expected rate cut by the Fed that markets have mostly priced in. Deutsche Bank also emphasized the role of official sector buying in supporting prices. Central banks are currently acquiring gold at roughly double the pace seen between 2011 and 2021, with China being the largest contributor. Recent trade data showed that China’s net gold imports via Hong Kong rose by 126.81% in July compared to June. Meanwhile, the People’s Bank of China has continued to add gold to its reserves, further strengthening demand. While the long-term outlook remains bullish, the bank flagged several possible headwinds. These include strong equity market performance that may reduce safe-haven demand, increased clarity around former President Donald Trump’s trade policies, and potential changes in US immigration enforcement that could alter labor market dynamics and affect Fed policy. Earlier this month, Goldman Sachs issued an even more aggressive projection, suggesting that gold could approach $5,000 per ounce if just 1% of privately held US Treasuries were reallocated into the metal.

Bitcoin’s price action has managed to break above $115,000 after spending the majority of the past two weeks trading below this level. Bitcoin is now holding firm above $114,000, and the leading cryptocurrency has regained momentum over the past week that shows signs of renewed bullish strength. According to technical analysis, a hidden bullish divergence is forming with the recent price action this week, and this could be the setup that pushes Bitcoin to new price highs. Bitcoin Revealing Hidden Bullish Divergence Technical analysis of Bitcoin’s weekly candlestick timeframe chart, which was posted on the social media platform X by crypto analyst CrypFlow, shows that Bitcoin could be on track to resume its journey of new all-time highs. Last week’s close means that Bitcoin has confirmed a higher price low in the weekly timeframe following the pullback that began after its August all-time high. As shown in the weekly candlestick chart below, this low is a higher low compared to June’s low below $100,000. On the other hand, while the price printed a higher low, the Relative Strength Index (RSI) posted a lower low in the same time frame. This mismatch between price and momentum creates what is called a hidden bullish divergence, which is a technical pattern that suggests bullish continuation. The weekly candlestick chart shared by CrypFlow shows Bitcoin defending an important support level around $114,000 and is now on two bullish weekly candlesticks. According to the analyst, if this divergence is confirmed as expected, it could provide the foundation for Bitcoin to push to new highs again. At the time of writing, Bitcoin is trading 5.7% below its current all-time high of $124,128. Stochastic RSI Flips Bullish The stochastic RSI indicator on the weekly timeframe has just flipped bullish, though confirmation will depend on how Bitcoin closes in the coming sessions. The last time such a bullish flip occurred on the weekly timeframe was in April, just before Bitcoin kickstarted a run that saw it close at bullish prices for seven consecutive weeks. A similar playout could see Bitcoin register at least five more bullish weekly closes in the coming weeks. The upcoming macroeconomic events could introduce volatility into the crypto industry, and this is worth keeping an eye on. The Federal Open Market Committee (FOMC) is set to meet on Wednesday, and expectations are running high that policymakers will announce an interest rate cut of 25 basis points or possibly even 50 basis points. An interest rate cut could have different effects, and history has shown that this could shift investor sentiment toward Bitcoin and other large-cap cryptocurrencies. At the time of writing, Bitcoin is trading at $117,040, already playing out bullish continuation by being up by 9% from its September open.

It isn't typical to see as much FX volatility ahead of such a key FOMC. Currency Markets had been particularly slow throughout August after some post-NFP correction in the US Dollar – Despite having reasons to sell the USD further, particularly after Powell's dovish speech at Jackson Hole, end-summer slow trading largely contained volatility for fiat majors. To catch up with the volatility seen in Equities (which kept flying higher throughout that entire period), the US Dollar took a two-day downward train to start this week. The greenback saw close to 1% moves in Monday and yesterday's consecutive sessions against European currencies particularly – The widest range throughout the whole FX Market between the 12th of August to last Friday had been ~0.50%. As explained in our previous piece, except for a huge switch of fundamentals and/or a leak to an upcoming decision, it is rare that players accelerate such volatility ahead of the FOMC. The only reasoning would be strong and sudden hedging that corroborates with Miran entering the FOMC meeting right before its start. Anyways, let's have a look at technical levels for all FX major pairs as the market gets ready for the FOMC decision (and the Bank of Canada rate decision, releasing very soon – we will update the levels on a new piece). DXY 4H Chart, September 17, 2025 – Source: TradingView Watch how the Dollar broke lower this Monday after resisting in a range throughout the entire past month – You can check out our most recent DXY analysis right here. Read More:Fed (FOMC) Meeting Preview: 25 bps Cut Appears Baked In, Forward Guidance Is Key. Implications for the DXY, Dow Jones and S&P 500Dow Jones (DJIA) Technical: Resting at key support ahead of FOMC, watch the US Treasury yield curve to trigger a bullish moveMarkets Today: UK Inflation Sticky, Gold Prices Retreat, FTSE 100 Hovers at 200-Day MA Ahead of FOMC DecisionAll FX Majors Charts with the key levels in play for the September FOMCNZDUSD 8H Chart and levels NZDUSD 8H Chart, September 17, 2025, Source: TradingView Trading Levels for NZDUSD: Resistance Levels Immediate Resistance 0.60Next Resistance 0.6060July 1st Highs 0.6120Support Levels 0.5950 Main Pivot (acting as immediate support)0.59 (+/- 150 pips) Support0.58 Key SupportUSDJPY 8H Chart and levels (testing support) USDJPY 8H Chart, September 17, 2025, Source: TradingView You can access an in-depth USDJPY analysis right here, released earlier today! Levels to watch for USDJPY: Resistance Levels Mid-range pivot 147.50 to 148.00May Range Extremes 148.70 to 149.50150.00 psychological resistance150.90 July highsSupport Levels 146.50 range support (testing)145.00 psychological support142.35 low of the May range, main supportAUDUSD – A sharp rebound from the prior week selloff AUDUSD 8H Chart, September 17, 2025, Source: TradingView You can access one of our most recent analysis for AUDUSD right here (chart is from Monday) – Watch the RSI which is starting to shape downwards. AUDUSD Trading Levels: Resistance Levels US CPI highs 0.6690 (2025 highs)Daily resistance 0.6670 to 0.67400.69 zone main resistance (+/- 150 pips)Support Levels July Highs 0.66250 (+/- 100 pips) acting as key pivot and support0.6510 to 0.6530 support (confluence with 50-day MA)0.6420 August 22, 2025 lows (pre-Jackson Hole conference)Daily Support 0.63 to 0.64EURUSD 8H Chart and levels EURUSD 8H Chart, September 17, 2025, Source: TradingView You can check out our Monday EURUSD Analysis which preceded a huge breakout to new highs – The fundamentals are still valid despite the new levels. Levels to watch for EURUSD: Resistance Levels: 2025 highs 1.1880Main resistance turned pivot 1.18 to 1.1830 (yearly highs)1.20 psychological level and 2021 highsSupport Levels: 1.1750 Intermediate Pivot (+/- 150 pips)1.1650 Key support1.16 Main support1.1470 Pivotal Support (bearish below this)The Swissie regains some strength – USDCHF USDCHF 4H Chart, September 17, 2025, Source: TradingView Here is our latest in-depth analysis of the USDCHF (from yesterday) that was published as things were moving aggressively. Despite new lows being reached, the analysis is still valid! Levels to watch for USDCHF: Resistance Levels 0.7950 Key pivotLong-term pivot 0.80 Zone (0.80 to 0.8010)Main resistance 0.8150 to 0.82 (last highs 0.8165)May 2025 highs 0.8475 Resistance ZoneSupport Levels 0.78575 2025 lows Support0.77 to 0.7735 August 2011 lows0.76 Psychological levelThe Pound is back on track – GBPUSD GBPUSD 8H Chart, September 17, 2025, Source: TradingView Levels to watch for GBPUSD: Resistance Levels 2025 precise high 1.37882025 Highs resistance 1.3760 to 1.38Resistance 1.37 Zone (immediate resistance)Support Levels Resistance turned pivot at the 1.36 zoneSupport Zone 1.351.34 Support ZoneUSDCAD (Subject to change with ongoing Bank of Canada decision, Cut by 25 bps) USDCAD 8H Chart, September 17, 2025, Source: TradingView An update to the chart will be presented in an upcoming piece: Mid-Week NA Markets update with a detailed USDCAD analysis inside. Here is the BoC statement. Levels to watch for USDCAD: Resistance Levels 1.38 Handle +/- 150 pips1.3850 to 1.3860 Main resistance1.3925 Aug 22 highsSupport Levels Key longer-term pivot turned support 1.3750 (currently testing)1.3660 intermediate support1.3550 Main 2025 Support Safe Trades as the FOMC approaches! Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Riding on the coattails of dollar weakness and safe-haven demand for much of 2025, USD/CHF currently trades at monthly lows of 0.78698, down -1.10% in yesterday’s session aloneDespite renewed deflationary pressures, as seen in Monday's PPI report, safe-haven flows concerning U.S. policy, especially regarding trade, continue to benefit CHF pricingWhile the SNB has been expected to return to its usual playbook of currency interventions to weaken the franc, recent market realisations suggest that new leadership is less interested in ‘interventionist’ policy Currently on pace for its best yearly performance in over two decades, 2025 has been an interesting year for dollar-franc traders. While recent domestic GDP numbers and continuing deflationary pressures within the Swiss economy would typically bode poorly for the Swiss franc, the significant appreciation in value seen across much of this year can be summed up in three words: safe-haven flows. This goes double considering the recent change of tack from the Bank of Japan, with the unwinding of the now infamous carry trade diverting much of the demand for safe-haven currencies towards the franc over the yen. Despite an unremarkable economic performance, at least one outcome is a rapid appreciation in franc value, currently at #1 in year-to-date performance, with the euro coming in a close second place. Read more on the Swiss franc’s performance in 2025: Swiss franc leads majors as US session begins and reclaims 2025 crown USD/CHF: Shifting SNB doctrine to remove USD/CHF downside limit With the Swiss franc trading at multi-year highs since June, many expected the Swiss National Bank to intervene, in a return to its typical playbook. Having relied heavily on currency intervention to control CHF pricing in years past, it would seem that new leadership, under Chair Martin Schlegel, is less interested in ‘interventionist policy’ than his predecessors. While the market has slowly but surely come to this realisation, having seen many opportunities this year where intervention would have likely happened in years past, it seems the SNB is taking a more hands-off approach. This has been further vindicated by the SNB's clear difference in buying habits, which have purchased fewer francs in the last twelve months than in previous years by an order of magnitude. While traders have been cautious about taking further CHF shorts, fearing a potential for intervention, it would seem that, once all pieced together, the SNB is more comfortable with a stronger franc than once thought. On this basis, considering the SNB is more likely to leave the CHF at the mercy of market forces in the short term, we can consider USD/CHF downside renewed, as seen in yesterday’s session. That said, traders would do well to remember that an apparent change to ‘non-interventionalist’ policy only remains true until it doesn't; so best to approach with at least some caution. USD/CHF: Technical Analysis 17/09/2025 USD/CHF, OANDA, TradingView,17/09/2025 Painting fresh 15-year lows in yesterday’s session, bearish momentum has been renewed owing to SNB developments. Breaking previous lows at 0.78713, the level has failed to offer any support to a falling USD/CHF priceYesterday’s price action also broke the previously held downwards channel, with 0.78500 being an obvious next key level target should downside continueIn line with Fibonacci theory, and assuming price will stage a short-term retracement, bears will likely consider 0.79018 as an entry point. Otherwise, and if price continues to break down, 0.78069 will be the next target Read more from MarketPulse: Fed (FOMC) Meeting Preview: 25 bps Cut Appears Baked In, Forward Guidance Is Key. Implications for the DXY, Dow Jones and S&P 500 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.