Forex Daily Forecast, Analysis and Prediction

After touching a low of nearly 3.62280 on the 30th of August, the USD/ILS has climbed higher.

The NZD/USD is around the 0.61435 price as of this writing with typical fast changes been seen.

Silver looks extraordinarily confused.

The US dollar is drifting a little bit lower.

We have a lot of confusion.

The market has been consolidating for several weeks, and it certainly looks as if we are trying to do everything, we can to eventually build up enough momentum to go higher.

The USD/MYR currency pair stands out as we continue to consolidate in bang around in what looks like a bit of a symmetrical triangle.

Bitcoin has been weakening as a risk-on asset in the current risk-off environment, but the price will likely be affected later by the release of US CPI data.

The GBP/USD currency pair dropped to an important support level after the mixed UK jobs numbers and as crude oil prices continued falling.

The EUR/USD pair continued falling ahead of Thursday’s European Central Bank (ECB) decision.

The AUD/USD pair retreated to its lowest point in two weeks even after the strong Chinese trade numbers.

We anticipate further losses for the GBP/USD pair this week, but we believe the decline will be limited to the 1.3036 support level.

At the start of this week, the Japanese yen dropped to 143.79 against the US dollar, halting its recent upward trend as the dollar strengthened amid ongoing uncertainty about the Federal Reserve’s upcoming interest rate cut.

The euro is expected to remain under pressure against the US dollar in the near term, but we anticipate volatility around the US inflation report on Wednesday and the European Central Bank's decision on Thursday.

At the beginning of this week's trading, the gold price stabilized at $2500 per ounce, as markets traded around a range of interest rate cuts by the Federal Reserve this month following a mixed US jobs report.