Forex Daily Forecast, Analysis and Prediction

Despite the weakness of the US dollar since the US interest rate cut last week, the EUR/USD failed to break the important resistance level of 1.1200 and is stable around 1.1130 at the time of writing the analysis.

Proving that Forex dynamics are complicated, the USD/ILS currency pair can be held up as a prime example for all.

The NZD/USD exchange rate has seen another dose of strong buying and earlier this morning propelled to heights last seen in December 2023.

The most obvious thing that I see here is that gold continues to power higher, and I do think that it is probably only a matter of time before we see this market really take off to the upside.

The USD/CHF pair continues to show itself as being very negative from a longer-term standpoint, but the last month or so has been a bit about stability.

The first thing I see is that we are rapidly approaching a major resistance barrier in the form of the 0.6350 level.

The GBP/USD exchange rate has captured my attention due to the fact that we continue to go much higher, and therefore I think you got a situation where we are trying to reach toward the 1.35 level over the longer term.

The US dollar pulling back a bit against the Mexican peso, perhaps reaching toward the 50 Day EMA underneath, which of course will offer quite a bit of support.

Bitcoin is retreating from the resistance zone centred on $64,414 which was last reached as a major inflection point in August.

The GBP/USD pair continued its strong surge this week as the US dollar index (DXY) retreated to $100.50.

The Paris index was rather bullish during the trading session, testing the 200 day EMA near the 7,600 euro level.

The EUR/USD pair held steady after a report by the Conference Board showed that the US consumer confidence dipped sharply in September.

The Australian dollar is in its third consecutive week of gains after Beijing announced a big stimulus and after the country’s central bank left interest rate unchanged.

The Tuesday session has been positive for the US dollar, but we continue to see the same major resistance barrier in the US dollar against the Russian ruble pair in the form of the 94 level.

The US dollar has rallied a bit against the Japanese yen in the early hours on Tuesday to break above the crucial 144 yen level before turning around and forming an exhaustion candlestick.