The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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Silver has been all over the place during the trading session on Wednesday in sharp contrast to Tuesday, which initially fell, but then turned around to see a lot of support.
During my daily analysis of the USD/CAD pair, it becomes obvious to me that we are in a strong uptrend, and we are threatening a major resistance barrier above.
During my daily analysis of the USD/JPY pair, it’s obvious that the US dollar has broken above a major resistance barrier in the form of the ¥155 level.
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In my daily analysis of exotic currency pairs, it’s worth noting that the US dollar initially fell against the South African Rand, only to find a ton of support underneath to keep the market somewhat afloat.
The GBP/USD exchange rate remained under intense pressure, falling to its lowest level since August 8.
The EUR/USD pair continued its strong bearish trend, falling to its lowest level since November 2023 after the US published the October inflation data.
The Forex market is seeing a strong US Dollar which is making gains against riskier currencies following the Trump and Republican victory in the USA.
Bitcoin, the biggest cryptocurrency in the industry, surged to a record high of near $94,000 as the Donald Trump trade gained steam.
The stronger US dollar policy is bringing more losses to the EUR/USD currency pair, which has reached the support level of 1.0595, the lowest for the currency pair in the forex market during 2024.
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For the third consecutive day, gold prices have been declining, with losses extending to the support level of $2590 per ounce, the lowest price in a month and a half, before stabilizing around $2600 per ounce at the time of writing this analysis.
During my daily analysis of exotic currency pairs, the USD/INR pair has been relatively quiet during the Monday and Tuesday sessions.
In my daily analysis of European indices, the CAC 40 stands out as particularly interesting. Currently, it is testing a major support level around the €7300 mark—an area that has held significance multiple times in the past.
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The Euro has gone back and forth during the early hours on Tuesday against the Japanese Yen as we are hanging around the 50 day EMA.
The Euro is fairly close to the bottom of an overall consolidation area that we have been in for a while.
The USD/ILS has moved to a higher ratio in early trading this morning, but the known range of the currency pair has been able to provide a rather comfortable technical interpretation.