Forex Daily Forecast, Analysis and Prediction

Close to major breakdown to long-term low prices.

The USD/MXN has seen resistance levels incrementally lower the past couple of weeks as the forex pair proceeds to demonstrate a fight over equilibrium.

The BTC/USD pair has been in a tight range in the past few days as traders wait for the Coinbase IPO

GBP/USD to react to the latest US inflation numbers

Euro has strength but faces major resistance zone.

The technical picture is now much more bullish as the price trades above the big round number at $60k and just below its record high between $61 and $62k.

Gold futures fell at the end of last week’s trading and settled around the $1732 level after gains boosted it to $1758, its highest in a month-and-a-half.

At the end of last week’s trading, and amid continuous positive results of US economic data, the USD/JPY tried to correct upwards and failed to breach the psychological resistance of 110.00 again.

The pair now awaits stronger incentives to complete the correction to the upside, as the psychological resistance of 1.2000 remains the most important for the bulls at present.

Last week’s trading was abysmal for the GBP/USD pair, which collapsed to the 1.3670 support level before closing the week’s trading by settling around 1.3710, where it also began this week’s trading.

1.3653 looks likely to be a very pivotal point.

The West Texas Intermediate Crude Oil market has rallied over the last couple of days, but Friday was a bit different as we pulled back.

The US dollar rallied a bit during the trading session on Friday but continues to see a lot of resistance near the 50-day EMA against the Canadian dollar.

The market looks as if it is simply trying to work off the froth, perhaps offering an opportunity for the market to continue going higher.

The S&P 500 initially pulled back during the trading session on Friday but then turned around to take out the 4100 level.