Forex Daily Forecast, Analysis and Prediction

With the US and China set to sign their phase-one trade truce today, the US announced that existing tariffs will remain in place until after the November election.

GBPUSD: Weakly bullish above 1.3060

EURUSD: Ranging between 1.1110 and 1.1145

The price of the EUR/USD pair is trying to correct higher for the third consecutive day, but gains are still limited and not exceeding the 1.1146 level, before settling around 1.1138 at the time of writing.

2020 allowed for an impressive recovery across the cryptocurrency sector, but signs of a new breakdown sequence started to materialize.

We expected before the beginning of this week’s transactions that gold prices may lose more of their gains with optimism in the financial markets .

There is no doubt that the announcement of the British economy shrinking yesterday to the lowest level in 2012 confirms the concerns of the monetary policy makers of the Bank of England.

We have always waited a long time for USD/JPY to breach through the 110.00 psychological resistance to confirm the reversal of the pair’s general trend upward.

AUDUSD: Pivotal point at 0.6885

USD/JPY: Long-term bullish breakout above 110.00

Bitcoin: More bullish above $8,375

Mixed UK economic data is adding to downside pressure in the British Pound, with Brexit roughly two weeks away.

Japan reported a bigger-than-expected current account surplus but posted a surprise trade deficit for December

The US dollar has rallied quite significantly during the trading session on Monday to kick off the week, testing the major resistance barrier that I have been talking about for months.

Chinese trade data for December showed a sharp increase in exports, but this is likely due to demand from the holiday shopping season.