Forex Daily Forecast, Analysis and Prediction

The broad Forex market and the USD/ILS have seen fast price action early this morning.

In my daily analysis of the dollar against the yen, the first thing that comes to mind is that we not only broke down below the 155 yen level, but we have collapsed below it.

I recognize that we are pulling back, but it's possible that we could also be approaching a massive support level that could turn things around.

I recognize immediately that we have seen a brutal sell-off, but quite frankly, I think we are a bit overdone.

In my daily DAX analysis, it's easy to see that the 50-day EMA continues to be very much in the minds of traders.

It's easy to see that the market is perhaps a bit oversold.

In my daily analysis of the Australian dollar, it's easy to see that we had initially pulled back but have found a significant amount of support near the 0.6575 level.

I recognize immediately that we had gotten oversold.

In my daily Bitcoin analysis, I have to admit that I am focusing on the $67,000 level, an area that's been important more than once.

It's easy to see that the market continues to see a significant amount of volatility.

A weakening US Dollar suggests that a bearish reversal is becoming increasingly likely, possibly after the price touches a key resistance level at 18.6617.

The GBP/USD pair wavered after the flash July PMI report revealed that the UK economy was doing well.

The EUR/USD exchange rate’s recent sell-off stalled on Wednesday after the relatively weak European and US economic data.

Bitcoin price faced strong resistance at $68,500 this week as investors focused on Mt.Gox account movements and US politics.

The Japanese yen continued its recovery against the US dollar as focus shifted to the upcoming interest rate decisions from the Bank of Japan (BoJ) and the US Federal Reserve next week.