Forex Daily Forecast, Analysis and Prediction

For three trading sessions in a row, the USD/JPY currency pair has been trying to correct upwards.

The EUR/JPY continues to challenge higher resistance levels.

The past five days of trading have begun to see a sustained value below the critical 20.00000 level for the USD/MXN.

The USD/INR remains within a rather steady price range, but late yesterday the Indian rupee displayed a sudden spike upwards which quickly reversed downwards.

The USD/SGD has had a rather wide range within values approximating 1.33100 to 1.34000 over the past five days of trading.

Germany continues to report over 20,000 new COVID-19 infections daily, but the ZEW economic sentiment indicator for December surged amid misplaced hopes that a vaccine will lead to a swift recovery.

New COVID-19 infections across South Africa continue to rise, and potential localized lockdowns may follow to contain the second wave of the pandemic.

Ambiguous bearish price channel.

Both nearby support and resistance levels look pivotal.

The euro initially tried to rally during the trading session on Thursday as we continue to see bullish pressure, but did give back some of the gains to show that perhaps gravity is coming back into vogue.

The British pound was all over the place during the trading session on Wednesday, awaiting the results of the meeting between Boris Johnson and Ursula von der Leyen during dinner time.

The West Texas Intermediate Crude Oil market had a rather volatile day as the market ended up forming a neutral candlestick.

The S&P 500 fell significantly during the trading session in order to wipe out the last couple of sessions, but at the end of the day we are still very much in an uptrend.

The NASDAQ 100 broke down significantly during the trading session on Tuesday as the “risk off” trade came back into play, and the NASDAQ 100 got absolutely crushed.

I can think of nothing that makes for worse trading conditions than waiting on politicians.