Forex Daily Forecast, Analysis and Prediction

The Bitcoin market initially fell during the trading session on Wednesday as the $30,000 level continues to be crucial support.

The gold markets did almost nothing during the day on Wednesday as we await for the Consumer Price Index figures coming out on Thursday to give us the latest read on inflation.

A breakout above 0.7776 may finally happen today.

The ECB release today is highly likely to cause volatility.

The US dollar rallied a bit against the South African rand to reach towards the 13.70 rand level in order to show signs of life again.

The euro rallied significantly during the trading session on Wednesday as we await the CPI figures on Thursday.

The BTC/USD staged a major relief rally on Wednesday as investors reacted to the news from El Salvador.

The GBP/USD pair retreated during the American session as traders waited for the US inflation and UK industrial and manufacturing output data.

The USD/BRL continues to produce an impressive bearish trend and is now directly situated on top of critical long-term support.

The USD/SGD has produced an intriguing amount of consolidation the past few trading days as momentum within the Forex pair has stagnated.

UNI/USD continues to run into headwinds which produce stronger selling within the cryptocurrency, and support levels appear vulnerable.

DOT/USD is traversing important support as bearish momentum shows signs of building within the cryptocurrency.

With pressures on the US dollar, the price of gold is trying to maintain the psychological resistance level of $1900, which paves the way for testing stronger highs.

The USD/JPY may continue to move in a narrow and limited range until the release of US inflation figures, the most powerful factor affecting the performance of the US dollar in the Forex market this week.

New pressure factors for the pound prevented the GBP/USD pair from breaking through the crucial 1.4200 resistance, instead settling around the 1.4150 level at the time of writing.