Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair tried to rally during the session on Thursday again, but struggled just below the 1.55 handle in order to form a relatively negative candle.

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Looking at the EUR/CHF pair, we did break out during the session on Wednesday, and cleared the 1.07 handle.

The USD/CAD pair bounced off of the 1.24 level during the session on Wednesday, continuing the consolidation area that we have been in for some time, and as a result I would fully anticipate that the market should go to the 1.25 level, and then possibly above there given enough time.

The USD/JPY pair went back and forth during the course of the session on Wednesday, as we continue to hang about the 118.50 level.

Gold prices rose 0.32% on Wednesday as the dollar weakened economic data from the U.S. failed to beat market expectations and minutes from the Federal Open Market Committee’s January 27-28 meeting showed U.S. central bank official intend to keep interest rates extremely low for longer than previously thought.

The EUR/USD pair had a slightly positive session on Tuesday, but we remain below the 1.15 handle. This is an area that caused quite a bit of resistance every time we approached it recently, and as a result I think that it will continue to keep a bit of a lid on this market.

The EUR/GBP pair had a fairly positive session during the day on Tuesday, and even managed to break above the top of the shooting star from the Monday session.

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