Forex Daily Forecast, Analysis and Prediction

The US dollar lost much of its value heading into the midweek session after hawkish comments from Federal Reserve officials (Fed) followed by a flurry of profit taking that weighed on US exchange rates ahead of the December inflation data.

SHIB/USD has provided its speculators with a solid climb higher the past few days, but this move upwards comes after a strong stumble lower.

DOGE/USD has found short-term momentum in the past day, and its ability to climb from lows since the 10th of January may stir optimists who remain speculative bulls.

Yet resistance at $1.1456 may prove to be strong.

Gold markets gapped higher to kick off Wednesday, turned right back around to fill the gap, and then turned around to show signs of strength again.

The silver market rallied quite significantly on Wednesday, exploding to the upside as the US dollar got hammered.

The US dollar initially tried to rally on Wednesday, but as you can see, for the last three days in a row we have seen any rally squashed as the greenback is getting beaten up by most currencies.

The NASDAQ 100 rallied a bit on Wednesday as traders breathed a sigh of relief when CPI numbers came in as anticipated.

The S&P 500 rallied a bit on Wednesday as inflation came out as anticipated on the CPI numbers.

Bitcoin recovered quite nicely on Wednesday, gaining a little over 5% as the bottom looks to be trying to hold.

The Ethereum market rallied significantly on Wednesday to break up and away from the 200-day EMA in what is a very bullish sign.

Litecoin rallied significantly on Wednesday, gaining almost 6% at the time of writing.

The British pound rallied rather significantly on Wednesday as we continue to break out to the upside.

The euro has finally broken out against the US dollar, cleanly wiping out the 50-day EMA and even breaking above the 1.14 handle.

The GBP/USD pair held steady on Thursday morning as investors reacted to the latest American consumer inflation data.