Forex Daily Forecast, Analysis and Prediction

Get the USD/CHF Forex signal for October 18, 2016 here.

Get the GBP/USD Forex signal for October 18, 2016 here.

Get the EUR/USD Forex signal for October 18, 2016 here.

The EUR/USD pair rallied during the course of the day on Monday, testing the 1.10 level above. The British pound initially fell during the course of the session on Monday, but turned around to form a supportive looking candle.

The USD/JPY pair initially tried to rally on Monday but then turn right back around to form a fairly negative candle. The Australian dollar fell initially during the course of the session on Monday but turned right back around form a positive candle.

The S&P 500 went back and forth during the course of the session on Monday, as we bounced off of the 2120 handle below. The NASDAQ 100 went back and forth during the course of the session on Monday as well, as we continue to hang about the 4800 level

The WTI Crude Oil market went back and forth during the course of the session on Monday, showing a proclivity to bounce around the $50 level. The natural gas markets went back and forth during the course of the session on Monday after initially gapping lower, and as a result it looks as if the market is trying to find plenty of support below in order to continue the longer-term uptrend.

Gold prices ended Monday's session up 0.27%, or $3.34, to settle at $1255.20 an ounce as the dollar weakened after industrial production and Empire State PMI data fell short of market forecasts.

Find out what's in store for some of the major currency pairs with our Forex forecast for the week of October 17, 2016 here.

The USD/JPY pair had a slightly positive session on Friday as we continue to bang around the 104 level. The Australian dollar had a very strong showing on Friday, touching the 0.7650 level.

The EUR/USD pair fell rather hard on Friday, closing below the 1.10 level for the first time in several months. The British pound had a much more stable session on Friday, as we continue to grind slightly lower, and I believe at this point in time we are trying to form some type of base.

The WTI Crude Oil market had a very volatile session on Friday as we continue to bounce around just above the $50 level. Natural gas markets had a fairly negative day on Friday, but quite frankly this is a market that is a little overextended at this point in time and should have a bit of a pullback in order to attract more momentum.

The S&P 500 initially tried to rally during the day on Friday, but found enough resistance of the 2150 level to turn things around and form a pretty massive shooting star. The NASDAQ 100 did very much same type of thing during the session on Friday, testing the 4850 handle for resistance.

Gold ended the week down $5.25 at $1251.80 an ounce as the greenback rose on expectations that the Federal Reserve was moving closer to raising interest rates.

Get our trading strategies series with our monthly and weekly forecasts of the currency pairs worth watching using support and resistance for this week of October 17, 2016