Forex Daily Forecast, Analysis and Prediction

The British pound continues to fall against the US dollar.

The Euro was fairly noisy during the early hours on Wednesday as we continue to dance around just below the 1.08 level.

My daily analysis of the NZD/USD pair on Wednesday, the first thing I notice is that we are reaching the 0.60 level underneath, which is a large, round, psychologically significant figure.

In my daily analysis of the JPY-related pairs, the AUD/JPY pair has caught my attention as it is a pair that is highly sensitive to risk appetite, and of course the Bank of Japan itself.

In my daily analysis of the EUR/CHF pair, a pair that I watch quite often to get an idea as to what risk appetite is doing, I noticed that the euro is in fact trying to bounce from the crucial 0.83 level.

In my daily analysis of the natural gas market and the commodity markets on the whole, the first thing I see is that it looks like we are at least trying to turn things around.

In my daily analysis of the USD/CAD pair, the US dollar continues to show its strength, as we are certainly overextended, but recently had seen a little bit of consolidation.

The US dollar continues to threaten the 20 Mexican peso level as we continue to see interest rates in America rise.

The downward trend for the GBP/USD pair remained the strongest and its recent losses may continue to reach the support level of 1.2944, the lowest level for the currency pair in more than two months.

Despite the strong gains of the US dollar, the price of gold rose to around $2753 per ounce, trading at record levels, the highest in the history of the gold market.

Reducing expectations for further US rate cuts continues to drag on EUR/USD, with losses extending below the psychological support level of 1.0800 to the support level of 1.0792.

The Japanese Yen depreciated to 152.25 yen against the US dollar on Wednesday, reaching its lowest level in nearly three months and breaching the psychological barrier of 150 yen against the US dollar.

The USD/INR is trading above the 84.0000 level in a rather sustained manner since the 11th of October as a weaker Indian Rupee has seemingly been agreed upon by the Reserve Bank of India.

Day traders continue to be offered an opportunity in the NZD/USD via technical perceptions, but cautious trading has kept the currency pair within lows and choppy trading is still ahead.

The GBP/USD pair dropped to 1.2940 as the US dollar index jumped to $104.05, its highest level since August 2. It has dropped by 3.27% from its highest level in September.