Forex Daily Forecast, Analysis and Prediction

The British pound initially tried to rally during the trading session on Thursday but gave back a significant amount of the gains

The Euro has initially rally during the trading session on Thursday but gave back about half the gains in order to stay well within the range that we have been stuck in for a couple of weeks.

The US dollar has rallied a bit during the trading session on Thursday, as we have broken above the ₹74.88 level during the session.

The Australian dollar continues to “chop word” heading into the weekend, which is an expression for going back and forth or simply killing time.

Canada achieved success with its Covid-19 response as compared to the US.

Mexico will cross 500,000 Covid-19 infections today, but testing remains comparably low, with just over 8,700 per 1,000,000.

Despite the recent strength of the US dollar, the EUR/USD, is trying to consolidate near the 1.1800 resistance to confirm the continuation of the bullish momentum.

At the beginning of yesterday's trading, gold prices continued the downtrend correction.

The pound is making strong efforts to avoid moving below the $1.30 support so that recent hopes of a real reversal of the GBP/USD does not evaporate during yesterday's session.

For the fifth day in a row, the USD/JPY pair is trying to correct upward, but gains did not exceed the 107.01 resistance before settling around 106.85 at the time of writing.

Choppy trading has been a hallmark of the USD/MXN the past month of trading as speculators have had to deal with consistent tests of support and resistance levels.

Technical traders who were able to shut out the noise and only focus on the USD/ZAR charts may have found profitable trading opportunities the past couple of days.

The USD/MYR has produced a satisfying bearish trend for patient speculators.

The USD/INR continues to trade within a fairly tight range, but it has not been without drama as the important threshold of 74.9000 was tested and broken slightly higher yesterday.

Singapore recorded its worst quarterly GDP contraction in the second quarter, down 13.2%, amid the fallout of the global Covid-19 pandemic.