Forex Daily Forecast, Analysis and Prediction

GBP/CHF bounced from strong support at 1.07 on Thursday, suggesting resilience and a potential trend shift if price breaks above the 1.08 resistance level.

USD/CHF strengthened on Thursday, with bullish momentum pointing to a potential breakout above 0.81 and a longer-term move toward the 200-day EMA.

Crude oil declined on Thursday amid oversupply concerns and a strengthening US dollar, with traders watching key support near the $60 level for direction.

Tesla eased lower on Thursday in a quiet, sideways session, with markets consolidating ahead of its upcoming October 22 earnings call and key resistance levels in play.

Silver rallied to the critical $50 level before sharply reversing on Thursday, highlighting intense volatility and signaling potential short-term exhaustion.

Despite a Thursday pullback, gold remains in a strong uptrend, with short-term corrections likely offering value opportunities rather than signaling weakness.

The US dollar broke above the 1.40 resistance level against the Canadian dollar, signaling continued bullish momentum amid weak Canadian fundamentals.

The NASDAQ 100 pulled back to test the 25,000 level, a key psychological support, with traders eyeing potential dip-buying opportunities amid continued bullish sentiment.

The Euro continued its decline on Thursday, breaking below key support as a strengthening US dollar signals growing risk aversion in global markets.

Bitcoin faced a sharp pullback on Thursday, testing key support at $120,000 as US dollar strength pressured risk sentiment across crypto markets.

Monero (XMR) is holding steady near $336.36 after another failed attempt to clear resistance around $342. The privacy coin remains trapped in a narrow range as buyers defend short-term support near $323, and sellers consistently fade rallies into the mid-$340s.

The US dollar initially did rally a bit during the early hours here on Wednesday but gave back those gains to show signs of life again. Ultimately, this is a market that I think is going to continue to be very noisy in general. But I also recognize that we have a situation where we are basically hanging around between the 1.39 level on the bottom and the 1.40 level on the top. I do think that eventually the US dollar ends up outperforming the Canadian dollar and we do break above the 1.40 level. If and when we do that, I think we've got a situation where traders will really start to look towards the 1.4250 level.

The US dollar initially did rally a bit during the early hours here on Wednesday but gave back those gains to show signs of life again. Ultimately, this is a market that I think is going to continue to be very noisy in general. But I also recognize that we have a situation where we are basically hanging around between the 1.39 level on the bottom and the 1.40 level on the top. I do think that eventually the US dollar ends up outperforming the Canadian dollar and we do break above the 1.40 level. If and when we do that, I think we've got a situation where traders will really start to look towards the 1.4250 level. This would take some momentum, but I think it could come into play.

Tesla looks like it is going to open higher in reaction to the pre-market trading, which is a good sign that we will be able to hang on to the overall uptrend. After all, the market has seen a rough couple of sessions, but the fact that it is showing so much in the way of resiliency is a good sign.

It looks like we are going to see yet another situation like we have seen over the last several days where the Euro gets sold off pretty early. But when the Americans show up, the United States dollar starts to shrink. And I think that is part of what's going on here. American traders are just simply selling the US dollar. That being said, the 1.16 level continues to offer support. And if we were to break down below that level, I think you've got a situation where we could really start to break down at that point, the market could drop to the 1.14 level, which of course is right about where the 200 day EMA is currently hanging around.