Forex Daily Forecast, Analysis and Prediction

The XAU/USD pair fell to its lowest level in two days as the bulls continued to encounter heavy selling pressure at the 1300 level.

Resistance became support at 1.3050, however the price has been falling off since Tuesday night.

The Sterling gained some ground against the EURO yesterday after better than expected employment numbers

The WTI Crude Oil markets fell initially during the session on Wednesday, but as the Federal Reserve Chairman Mr. Bernanke testified in front of Congress that the Federal Reserve remain flexible with quantitative easing plans, this of course will work against the value of the Dollar, and as a result the oil markets got a bit of a boost during the session.

The USD/CAD pair went back and forth during the session on Wednesday again, hovering around the 1.04 level.

The 100 handle offered too much resistance though as usual, and as a result the market looks like it's ready to grind just below that all-important area.

The EUR/USD pair fell during the balance of the session on Wednesday, but bounced just enough to form a candle that looks a little bit like a hammer.

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For now, this pair stands too uncertainly to make any concrete predictions.

The price actually tested 1.5207 during the late New York session on the day of my previous forecast, and failed decisively.

The USD/CHF has found its way, once again, back to the 0.9400 area that seems to be a magnet for the pair.

The XAU/USD pair scored a gain of 0.58% on Tuesday as weakness in the American dollar continued to lure some investors back to the market.

Markets that act like runaway freight trains almost always end in tears for the buyers.

The EUR/USD pair rose during the session on Tuesday, breaking the top of the three previous hammers that have shown so much support in this market.