Forex Daily Forecast, Analysis and Prediction

It's obvious that we have seen a lot of noise and negativity.

I am paying close attention to the 5500 level for this asset.

It’s hard not to notice that this market continues to suffer at the hands of selling pressure.

I have been paying close attention to an uptrend line that has been important in this index for several months now.

The EUR/GBP pair looks as if it is trying to continue its overall trajectory to the upside.

I am recognizing that we are very close to some type of major break out.

The GBP/USD exchange rate retreated for two straight days as the recent bull run reached its exhaustion levels.

The EUR/USD exchange rate pulled back, ending a strong rally that started earlier this month when it settled at 1.0667.

The AUD/USD exchange rate continued its downtrend on Monday as the US dollar recovered.

Last week, market sentiment was sour, and stocks fell quite strongly, especially in the USA. Analysts saw strong and heavy rotation following higher perceived odds of a Trump presidency, while the US dollar strengthened into an area of key resistance.

WTI crude oil price continued its downward trend that started on July 5th and settled at $78.57, its lowest point since June 17th.

The EUR/USD started last week in an upbeat tone as hopes of Federal Reserve interest rate cuts rose.

Get the weekly Forex forecast for major currency pairs for the week of July 22-27, 2024 here.

In my daily Euro against Swiss Franc analysis, it's easy to see that we are at a major inflection point.

Despite the fact that the ECB didn't do anything and the Euro lost ground against several other currencies, it has turned around against the Japanese Yen.