CPI Stop Hunt: Forex Chart Markups, 7 September 2026

The CPI stop hunt on Friday 11 September 2026 hit three markets in one candle. At 08:30 New York, as US inflation data was released, EURUSD printed a W formation at the low of the week (1.15693, 7 of 8 on confluence), GBPUSD hunted the stops under its Asian low, and gold took out both sides of its range. Seven weekly cycles, 6 textbook setups and 8 partials complete the week.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 6 textbook and 8 partial.
• Weekly cycle: 7 of 8 markets turned midweek (EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD and XAUUSD).
• Setup of the week: EURUSD on Friday, W formation, 7 of 8 on confluence: 46 pips that day, 46 on the week.
• News in sync with a stop hunt: GBP BoE Monetary Policy Report Hearings, BoE's Governor Bailey speech; EUR ECB Main Refinancing Operations Rate (08:15), EUR ECB Monetary Policy Statement (08:15), EUR ECB Rate On Deposit Facility (08:15), USD Producer Price Index ex Food & Energy (YoY) (08:30); USD Consumer Price Index (MoM), Consumer Price Index (YoY), Consumer Price Index ex Food & Energy (MoM), Consumer Price Index ex Food & Energy (YoY).

CPI stop hunt: how to read these chart markups

If this is your first markup, read it backwards. We are not asking where price will go. We are asking where the crowd has put its orders, because retail education puts them in the same places every week: stops above the highs, stops below the lows, breakout orders just past both. On each chart the blue box is the Asian range, the bands of red crosses are retail stop losses, the hatched zone is the stop hunt, and the header shows the pips the reversal made. How to Read a Forex Chart Markup explains every mark.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. EURUSD leads with 7 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

AUDUSD · 88-pip reversal. The trap printed the high of the week at 0.72374 on Wednesday 03:15 New York, and the reversal ran 88 pips to 0.71496 by Friday. 4 of 4 textbook checks held.

USDCAD · 125-pip reversal. The trap printed the low of the week at 1.37592 on Tuesday 10:30 New York, and the reversal ran 125 pips to 1.38838 by Friday. 2 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

EURUSD · 85-pip reversal. The trap printed the high of the week at 1.16541 on Wednesday 08:00 New York, and the reversal ran 85 pips to 1.15693 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

USDCHF · 103-pip reversal. The trap printed the low of the week at 0.80671 on Wednesday 10:00 New York, and the reversal ran 103 pips to 0.81702 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

GBPUSD · 88-pip reversal. The trap printed the high of the week at 1.35677 on Wednesday 03:15 New York, and the reversal ran 88 pips to 1.34801 by Friday. 4 of 4 textbook checks held.

Gold (XAUUSD) · 151-pip reversal. The trap printed the high of the week at 4442.70 on Tuesday 00:00 New York, and the reversal ran 151 pips to 4291.95 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

USDJPY · 178-pip reversal. The trap printed the low of the week at 152.889 in Tuesday's session (Monday 22:15 New York), and the reversal ran 178 pips to 154.668 by Thursday. 2 of 4 textbook checks held; the miss: it ran 117 pips past Monday's low, more than a stop hunt.

No weekly cycle chart for NZDUSD: that market did not make a midweek high or low and then reverse by at least 1.25 average daily ranges.

Setup of the week: EURUSD W formation, 11 September 2026

EURUSD spent the Asian session in a 18-pip range between 1.15997 and 1.16174. London then broke the low of that range by 10 pips, to 1.15899 at 06:45 New York, taking Thursday's low (1.15921) on the way: the breakdown the crowd sells. Price pulled back to a neckline at 1.15971, then ran a second leg to 1.15693 at 08:30 New York, 21 pips past the first leg. That second leg is the stop hunt. It took the stops resting below the first leg and trapped everyone who sold the new low. From there price reversed 46 pips to 1.16153 in 2h 30m, back inside the Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Buyers' stops below the Asian low, 1.15997: taken by the first leg.
• New stops below the first leg, 1.15899: taken by the second leg.
• Stops below Thursday's low, 1.15921: taken by the first leg.
• Sellers' stops above the neckline, 1.15971: taken as the reversal broke it.
• Sellers' stops above the Asian high, 1.16174: not reached.

The trade. The method buys against the breakout, on the second leg at the low of the day (1.15693). The stricter trigger, the first 15-minute close back inside, came with 25 pips of risk to the extreme and 21 pips to the high of the day, about 1 to 0.8. The method skips anything under 1 to 3, so from that trigger this one does not qualify. These numbers are measured after the fact from 15-minute candles.

Confirmations: 7 of 8. It had a clear Asian range, a second-leg stop hunt, a hunt at a session open, the previous day's level taken, high-impact news in sync, the high or low of the week and induction from the week's open. Missing: a Tuesday or Wednesday date. It is the low of the week.

The rules for this pattern are in How to Read a Forex Chart Markup. For the same W formation on EURUSD, see EURUSD W formation, week of 18 May 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Wednesday · NZDUSD · Both sides hunted (35 pips). London took the stops above the Asian high at 0.58650 (03:00 New York); price reversed 35 pips, through the whole Asian range. Then the other side was hunted at 06:15 New York, 15 pips under the Asian low. Confluence 3 of 8. The high held for the rest of the week.

Wednesday · GBPUSD · London stop hunt (38 pips). London took the stops above the Asian high at 1.35677 (03:15 New York); price reversed 38 pips, through the whole Asian range. Confluence 4 of 8. It was the high of the week.

Thursday · EURUSD · W formation (39 pips). The second leg took the stops below the first leg at 1.15921 (08:30 New York); price reversed 39 pips, back inside the Asian range. Confluence 4 of 8. Friday traded back through it.

Friday · GBPUSD · New York stop hunt (54 pips). New York took the stops below the Asian low at 1.34801 (08:30 New York, 11 pips through Thursday's low); price reversed 54 pips, through the whole Asian range. Confluence 5 of 8. It was the low of the week.

Friday · Gold (XAUUSD) · Both sides hunted (110 pips). New York took the stops below the Asian low at 4291.95 (08:30 New York); price reversed 110 pips, through the whole Asian range. Then the other side was hunted at 09:45 New York, 41 pips above the Asian high. Confluence 4 of 8. It was the low of the week.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Tuesday · NZDUSD · London stop hunt (27 pips). London took the stops below the Asian low at 0.58355 (03:45 New York); price reversed 27 pips, back inside the Asian range. Confluence 3 of 8. Wednesday traded back through it.

Tuesday · USDCHF · M formation (39 pips). The second leg took the stops above the first leg at 0.81203 (05:00 New York); price reversed 39 pips, back inside the Asian range. Confluence 5 of 8. Thursday traded back through it.

Tuesday · GBPUSD · New York stop hunt (31 pips). New York took the stops above the Asian high at 1.35617 (09:15 New York); price reversed 31 pips, back inside the Asian range. Confluence 5 of 8. Its high became the target of the weekly trap.

Tuesday · USDCAD · New York stop hunt (34 pips). New York took the stops below the Asian low at 1.37592 (10:30 New York); price reversed 34 pips, back inside the Asian range. Confluence 4 of 8. It was the low of the week.

Tuesday · AUDUSD · M formation (18 pips). The second leg took the stops above the first leg at 0.72305 (10:45 New York); price reversed 18 pips, back inside the Asian range. Confluence 5 of 8. Its high became the target of the weekly trap.

Wednesday · EURUSD · M formation (34 pips). The second leg took the stops above the first leg at 1.16541 (08:00 New York); price reversed 34 pips, back inside the Asian range. Confluence 5 of 8. It was the high of the week.

Wednesday · Gold (XAUUSD) · M formation (59 pips). The second leg took the stops above the first leg at 4433.78 (09:30 New York); price reversed 59 pips, back inside the Asian range. Confluence 3 of 8. Thursday traded back through it.

Friday · AUDUSD · New York stop hunt (20 pips). New York took the stops above the Asian high at 0.71873 (09:00 New York); price reversed 20 pips, back inside the Asian range. Confluence 1 of 8. The high held for the rest of the week.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 3 setups, best 7 of 8 (Friday, W off the low).

GBPUSD. 3 setups, best 5 of 8 (Friday, New York stop hunt at the low).

USDCHF. 1 setup, best 5 of 8 (Tuesday, M off the high).

AUDUSD. 2 setups, best 5 of 8 (Tuesday, M off the high).

USDCAD. 1 setup, best 4 of 8 (Tuesday, New York stop hunt at the low).

NZDUSD. 3 setups, best 4 of 8 (Wednesday, London stop hunt at the low). No midweek reversal.

Gold (XAUUSD). 3 setups, best 4 of 8 (Friday, New York stop hunt at the low).

What this week teaches about reverse price action

EURUSD had been falling since its Wednesday high, 85 pips of reversal that made selling feel correct. The CPI release was the last push: it took the stops under the first leg of the W and filled the sellers who wanted confirmation from the data. Then it turned. The pattern on the 15-minute chart and the pattern on the weekly chart are the same idea at different sizes. First the crowd is shown a direction, then the stops that direction created are collected.

On the news itself: the event gives the crowd its reason, and the chart shows where the orders already were.

Frequently asked questions

What was the best forex setup in the week of 7 September 2026?

By confluence, EURUSD on Friday: a W off the low that scored 7 of 8. It moved 46 pips that day and 46 on the week. It was the low of the week.

Was there a midweek reversal in the week of 7 September 2026?

Yes, on 7 of the 8 markets we track: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD and Gold (XAUUSD). The largest was AUDUSD, 88 pips from the high of the week at 0.72374.

What is a W formation in forex?

A W formation is the mirror image of an M, at a low. Price breaks below the Asian range, bounces to a neckline, then makes a second leg slightly under the first low. The second leg takes the stops under the first low and traps breakdown sellers. The method only trades a W off the low of the day.

Why do stop hunts happen on news releases?

A scheduled release brings the most orders into the market at a known minute. Price is often already sitting next to a level with stops behind it, and the release supplies the volume to take them. The timing of the event matters more than the number.

Related chart markups

• Previous week: AUDUSD W formation, week of 31 August 2026
• Next week: FOMC stop hunt, week of 14 September 2026
• EURUSD W formation, week of 18 May 2026: the same W formation on EURUSD
• USDJPY W formation, week of 13 July 2026: another W formation, on USDJPY
• EURUSD midweek reversal, week of 22 June 2026: the same W formation on EURUSD
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: FXStreet. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.