Forex Daily Forecast, Analysis and Prediction

Markets are experiencing risk-aversion and caution due to the Omicron variant and its impact on the future of global economic recovery, with the policies of global central banks still in favor of the strength of the US dollar.

The euro is still suffering from weak investor sentiment and strong demand for safe havens.

Bullish breakout from consolidating triangle pattern now increasingly likely.

The S&P 500 rallied significantly on Tuesday to show extreme strength as we rocketed towards the 4700 level.

The US dollar fell rather hard against the Mexican peso on Tuesday to reach towards the 21 pesos level.

The US dollar initially pulled back just a bit on Tuesday but ended up reversing 30 pips against the Indian rupee to close out the session just below ₹75.50.

The Bitcoin market rallied a bit on Tuesday but gave back the gains to form a bit of an inverted hammer.

The Ethereum market rallied significantly on Tuesday but gave back the gains to form a less-than-impressive candlestick.

The CAC 40 Index acted like it was shot out of a cannon on Tuesday, gapping higher and then closing at the very top of the range.

The DAX Index shot higher on Tuesday, breaking above the resistance barrier at €15,500, followed by a break of the 50-day EMA at the €16,680 level, and closing at the very top of the massive meltdown candlestick from last week.

The euro fell during the better part of Tuesday but continues to see buyers trying to pick up bits and pieces of value.

The NASDAQ 100 shot straight up in the air on Tuesday as fears of the omicron variant have abated.

The West Texas Intermediate Crude Oil market rallied rather significantly on Tuesday to reach towards the highs of the previous inverted hammer at $73.

The BTC/USD pair retreated slightly in the overnight session as the bullish momentum faded.

The EUR/USD pair tilted lower on Wednesday morning as investors reflected on the leadership change in Germany and the rising number of infections.