Forex Daily Forecast, Analysis and Prediction

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Gold weakened against the American dollar for a second session on Wednesday after minutes from the Federal Reserve's January 28-29 policy meeting showed the central bank intends to continue the steady reduction in the pace of its asset purchases unless the economy deviates substantially from its expected path.

The WTI Crude Oil market continues to gain ground as the Wednesday session was positive as well. We closed just below the $103 level, but it’s now obvious that the $102 level is going to bring in more buyers.

The EUR/USD pair fell slightly during the session on Wednesday, showing that there was indeed resistance above as I had suspected in yesterday’s article. However, I can’t say that this pair is one that I want to sell at the moment either, as the 1.37 level could very well be supportive now.

The GBP/USD pair went back and forth on Wednesday, essentially settling nothing by the end of the session. With this, it appears that the sellers might be running out of room and steam to continue to push this market lower.

The USD/JPY pair spent a lot of the session on Wednesday falling, but also found enough support at the 102 level in order to form a hammer for the day.

The CHF/JPY pair fell during the majority of the session on Wednesday, but bounced enough to form a hammer as the 115 level continues to offer a reactionary level to the market.

Check out the GBP/USD signal here.

Check out the Forex signal for the EUR/USD pair here.

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Gold gave up some of its recent gains against the American dollar during yesterday's session as investors took a cautious stance and took some profit off the table prior to the release of the Federal Open Market Committee meeting minutes.

The WTI Crude Oil markets rose during the session on Tuesday, and in fact even managed to break out rather successfully. I have been looking at the $101.50 level as the resistance it needs to be overcome, and now I believe that the market is going to chew into the previous consolidation area from the month of October.

The EUR/USD pair continued its bullish attitude during the session on Tuesday, breaking well above the 1.37 level. This is an area that has been resistive lately, but I feel that there is quite a bit more resistance above anyway.

The EUR/GBP pair is one that I don’t want to trade very often. This is simply because it tends to chop around a lot, as one would expect considering that the two economies are so heavily intertwined.

The AUD/USD pair had an interesting session on Tuesday, as it went back and forth, but ultimately settled slightly negative in order to form a shooting star. What I find most interesting about this is the fact that the shooting star sits right on top of the 0.90 handle.