Forex Daily Forecast, Analysis and Prediction

At the beginning of this week's trading, the price of gold fell to around $2,365 per ounce, paring its previous gains and retreating from last week's record highs as investors took profits.

The Japanese yen has continued its sharp gains, jumping to 141.68 yen per dollar, reaching its highest level since early January 2024.

The pound sterling declined to $1.2710, nearing a one-month low, as investors anticipate faster interest rate cuts from the Bank of England.

Amid strong upward momentum supported by dollar weakness, the EUR/USD pair moved towards the psychological resistance level of 1.1000, their highest level in seven months.

The violent move upwards to start trading yesterday was a nervous reaction to global financial market chaos which was certainly been seen.

Yesterday’s selling added on to bearish sentiment which has been seen since the start of July.

The German index has fallen rather significantly during the trading session on Monday. As we continue to struggle overall, we are well below the 200-day EMA

The GBP/USD pair has seen the British pound plunged toward the 1.27 level, only to turn around and show signs of life again.

The market continues to shoot straight up in the air as traders are running toward the euro and away from the British pound.

USD/INR have just made a major breach of resistance, and it makes a lot of sense that we would continue to go higher.

The Mexican peso of course is an emerging market currency.

Following Monday’s strong risk off move in the markets which sent the price of this currency pair tumbling to a new 8-month low, the price has rebounded strongly today, with risky assets now seen as oversold.

The US dollar has been all over the place against the Canadian dollar.

The GBP/USD exchange rate wavered in the overnight session as investors embraced a risk-off sentiment in the market.

The EUR/USD exchange rate continued rising this week.