Forex Daily Forecast, Analysis and Prediction

The S&P 500 initially tried to rally during the trading session on Monday but gave back the gains to fall towards the 4200 level.

Support at 0.7816 likely to be today’s pivotal point.

Support at the 1.2129 level looks pivotal.

The euro was very quiet during the trading session on Monday as traders came back to work and sold off the US dollar against most other things, but the euro lagged.

The British pound broke significantly higher during the trading session on Monday, as we have finally cleared the crucial 1.40 level on a daily close.

Gold markets did very little during the trading session on Monday as they are testing a downtrend line that started at the very top of the market several months ago.

The Australian dollar rallied significantly during the trading session on Monday but gave back the gains quite rapidly.

The Bitcoin market rallied a bit to kick off the trading session on Monday, but also gave back all of this gains to show a slightly negative attitude.

The GBP/USD price has been on a strong momentum in the past few days as demand for the pound rose.

The BTC/USD retreated during the American session as risky assets sold-off.

The USD/CAD has exhibited another slide lower as its bearish momentum extends its strength and makes speculators engage long-term technical charts.

The USD/BRL has been able to puncture important mid-term support levels as the Forex pair has begun to correlate with other major currencies.

The bulls succeeded in pushing the gold price to the resistance level of $1843 by the end of last week's trading, a 3-month high, and settled at the beginning of this week's trading around $1830.

The GBP/USD pair moved towards the 1.4025 resistance level at the beginning this week's session, the highest for the pair in two-and-a-half months.

After two weeks of correcting upwards, the USD/JPY's gains were capped by a move towards the 109.70 resistance, the highest in a month.