Forex Daily Forecast, Analysis and Prediction

For four consecutive trading sessions, the USD/JPY is unable to cross the 106.70 resistance level as seen on the provided daily chart below.

Gold price was little affected by the release of the Fed Reserve Minutes’ contents for July meeting.

Investors were counting on the summit between German Chancellor Merkel and British Prime Minister Boris Johnson for a breakthrough on the Brexit issue, which has strained global financial markets and is one factor in the possibility of a global crisis.

The minutes of the US Federal Reserve meeting held in late July showed that members plan to pay close attention to the effects of the data on the economic outlook.

NZDUSD: Bearish price channel

AUDUSD: Slightly bearish consolidation

USDJPY: Price cannot get above 106.73

Bitcoin: Bearish but supportive inflections nearby

USDCAD: Still weakly bullish

USDCHF Analysis: Bullish above 0.9803

GBPUSD: Messy and unpredictable on Brexit renegotiation attempt

EURUSD: Bearish below 1.1092

Gold markets initially pulled back during the New York trading session on Wednesday, reaching down towards the $1500 level before finding a bit of support.

The West Texas Intermediate crude oil market initially tried to rally during the New York trading session on Wednesday but found enough resistance above the downtrend line and the 50 day EMA to turn around and form a somewhat resistive candlestick.

The US dollar rallied a bit during the New York trading session on Wednesday, reaching towards the ¥107 level yet again.