Forex Daily Forecast, Analysis and Prediction

A minor recovery in the US Dollar yesterday pushed the price lower, potentially knocking out many long-term trend traders on the bullish side, but the price seems to be finding support.

The Turkish currency maintained its range-bound variance against the US dollar at the beginning of this week’s trading, as the pair continued to fluctuate in a limited range for about two weeks.

During last Friday’s trading session, the US dollar fell and then recovered after the release of the weaker-than-expected US Labor market report.

Expectations of further tightening of the Bank of Japan's monetary policy continue to support the strength of the Japanese yen against other major currencies, especially against the US dollar.

Prior to the close of last week's trading, the EUR/USD pair declined following a speech by John C. Williams, President of the Federal Reserve Bank of New York.

The gold price has maintained its position above $2500 per ounce, supported by the latest US jobs reading ahead of more data scheduled to be released later on Friday, which may prove crucial in determining the size of the US interest rate cut by the Federal Reserve this month.

Traders who believe the USD/MXN exchange rate is in overbought territory cannot be faulted.

The USD/ZAR currency pair is trading near the 17.92900 level as of this writing which is approaching values seen last Wednesday.

A recovery in the US Dollar seems to be underway today and this is pushing the price down, with the price looking likely to test recent lows later.

You can see that the British pound initially rallied during the trading session on Friday, but then collapsed quite significantly to show extreme signs of weakness.

On Friday, the British Pound initially tried to rally against the Swiss Franc, but we have broken back below the 1.11 level, an area that has been in support for a couple of weeks now.

The US dollar has gone back and forth during the course of the trading session on Friday as we continue to look at the 0.84 level, which is a large round psychologically significant trigger.

During the early hours on Friday, we initially saw the market try to rally only to turn around and fall rather significantly in Paris.

The US dollar has rallied again against the Mexican peso, breaking above the 20 pesos level for the third time now.

The Canadian dollar has been very volatile against the Swiss franc, and I think that will continue to be something that you need to pay attention to.