Forex Daily Forecast, Analysis and Prediction

The euro initially tried to rally during the trading session on Monday only to turn around and break down again.

Risk-on sentiment continues to recover

Throughout last week's trading, the EUR/USD was in a positive upward correction range amid investor optimism that Joe Biden would beat Trump in the US presidential elections.

The GBP/USD currency pair rose to the 1.3177 resistance during last week’s trading, its highest in two months before closing the week’s trading around 1.3147.

During last week’s trading, the price of gold recorded its best weekly performance since last July.

Last week’s trading was bloody for the USD/JPY performance, as the pair plunged to the 103.17 support, its lowest level in eight months, before closing trading around the 103.36 level.

The USD/MXN has mirrored global markets and its bearish trend has been fully reignited as support levels come under pressure.

Lots of room for price to rise higher.

The South African rand has shown it has the ability to sustain its lower forex values against the USD short term.

Dollar making minor recovery?

Weak U.S. Dollar

The USD/PKR’s bearish trend has continued in earnest and the forex pair is hovering slightly above important support levels which should intrigue speculators who pursue the Pakistani rupee.

The USD/SGD has bolted through support levels in early trading this morning and brushed aside many obstacles.

Germany continues to witness an accelerating wave of COVID-19 infections, and financial assistance measures remain exhausted.

India faces the threat of a second COVID-19 wave, similar to Europe and the US, which could derail the current pace of recovery.