Forex Daily Forecast, Analysis and Prediction

GBP/USD broke through the psychological resistance level of 1.3000, extending gains to 1.3044 and remaining close to its highest level in a year.

The yen rose 1.5% to above 155.5 against the dollar today, its highest level in over a month.

Gold hit a new all-time high as it moved towards the $2,483 resistance level per ounce, with gains driven by growing optimism that the Federal Reserve will cut US interest rates as early as September.

After dropping quite strongly earlier this week on questionable risk sentiment and a strong US Dollar, the price now seems to have bottomed out from the support level at $0.6721. Higher prices are likely today if the price holds up above $0.6732.

I can see that the USD/CAD pair looks like it is ready to continue rallying, as the US dollar is likely to continue to attract a lot of attention.

I continue to pay close attention to the 1.34 SGD level.

I recognize that we have recently bounced from a major support level in the form of the 0.6050 level.

It’s hard not to notice that the market continues to shine head and shoulders above many other assets.

I cannot help but notice that the Japanese yen has strengthened quite dramatically across the board.

The GBP/USD exchange rate continued rising after the relatively strong UK inflation numbers and the dovish statements by the Federal Reserve officials.

The EUR/USD exchange rate rose for six straight days, reaching its highest level since March 14th after more dovish statements from Fed officials.

Bitcoin price held steady on Thursday as investors focused on the Federal Reserve actions and the US election.

The Japanese yen has failed to maintain momentum despite intervention by authorities to stem its weakness.

Trading in the currency pair has been rather challenging the past week as a doses of volatility have confronted speculators.

Transparency remains an everlasting trial for retail traders’ intent on pursuing the USD/RUR.