Forex Daily Forecast, Analysis and Prediction

The relative strength of the British Pound, the new government in the UK, and Dollar weakness all combine to give bulls a shot today at overcoming strong resistance and pushing the price up to reach a new 3-month high.

In my daily analysis of the Mexican peso, it's easy to see that the dollar is starting to soften against the peso, but it's worth noting that we are hanging around the 18 pesos level, which has a lot of psychology attached to it.

In my daily CAC 40 analysis, I cannot help but notice that the 200-day EMA is an indicator that a lot of people are paying attention to, right around the crucial 7,700 euros level.

I have seen quite a bit of negative pressure, but I also recognize that there's a lot of support underneath.

Despite some selling pressure at the end of last week's trading, the USD/JPY pair has given up some of its highest gains in 38 years around the 161.95 resistance level, retreating to 160.33 and closing the week steady around 160.75.

The GBP/USD exchange rate is trading near a 3-week high ahead of major economic and political developments on both sides of the Atlantic.

The US dollar weakened against other major currencies after a US Labor market report showed continued slowing conditions, reinforcing expectations of a rate cut by the Federal Reserve at its September policy meeting.

At the end of last week's trading, gold prices jumped to a six-week high after US employment data indicated a gradual slowdown in the labor market, reinforcing expectations of interest rate cuts in the coming months.

The USD/TRY pair maintained its stability during trading last week, for the third week in a row with the price moving in the same range.

The S&P 500 has rallied rather significantly during the course of the trading session on Friday as it looks like we are going to continue the overall uptrend.

The NASDAQ 100 rallied significantly during the course of the trading session on Friday, after the jobs number came out roughly in line, and of course we had several negative revisions to the last few months.

The Aussie dollar did pull back just a bit during the course of the trading session on Friday, only to turn around and break higher.

The USD/MXN has begun this week thus far being able to demonstrate it can sustain the lower part of its range.

Bitcoin initially plunged during the trading session on Friday, breaking well below the $56,500 level, which was where we had the significant pullback to.

Gold rallied rather significantly during the trading session on Friday again, as it looks like we are trying to get to the $2,400 level.