Forex Daily Forecast, Analysis and Prediction

The USD/CHF pair went back and forth during the course of the day on Tuesday, grinding sideways overall. I find this interesting as the EUR/USD pair tends to be the exact opposite of this pair, and then shot straight higher. Because of this, I have to wonder which currency pair is lying at the moment.

The EUR/JPY pair has been gradually going lower over the last several months. Looking at the longer-term charts, the pair has most certainly been bearish overall.

The GBP/USD pair initially fell during the session on Tuesday, but once we got below the 1.52 level we found plenty of buyers in order to turn this market back around. Ultimately, we closed at the highs of the session, well above the 1.53 handle.

Gold prices climbed for a second day and settled at $1211.87 per ounce, gaining $9.69, as more disappointing U.S. economic data weighed on the dollar.

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Gold prices rose $22.13 an ounce yesterday, recovering most of last week's losses, on speculation that the U.S. Federal Reserve will not hint at a June rate hike at its two-day policy meeting which starts later today.

The EUR/USD pair went back and forth during the day on Monday, essentially settling nothing. By doing so, it only adds to my interest in selling this pair as I believe that the upward momentum is running out of space.

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