Forex Daily Forecast, Analysis and Prediction

This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.

Get the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of October 29th, 2023 here.

In the early trading hours of Thursday, the British pound took a significant dip, only to make a swift recovery, showing signs of resilience.

The British pound exhibited initial signs of weakness during Thursday’s trading session, dropping slightly before finding support around the ¥181 level, which subsequently led to a decent rebound.

During the Thursday trading session, the US dollar showed a remarkable run higher, surpassing the ¥150 level.

Crude oil markets have experienced a noticeable downturn during the early trading hours of Thursday, as a wave of geopolitical unrest continues to heavily influence oil prices.

The Aussie dollar's performance in Thursday's trading session witnessed a significant plunge before experiencing a bit of a rebound, indicating a market filled with volatility and unpredictability.

The USD/CHF has broken above the 50-day EMA against the Swiss franc during the training session on Thursday, as it looks like we are threatening the 0.90 level.

The silver market has been a bit turbulent recently, with some ups and downs.

The recent surge in gold prices has not gone unnoticed.

The euro's recent performance has left investors on edge as it once again approaches the pivotal 1.05 level.

The price of the lira declined against the US dollar during early trading on Thursday morning, as the Turkish currency recorded its new lowest level ever against the US dollar during Asian trading.

The price of gold XAU/USD continued its upward path with gains reaching the resistance level of 1990 dollars.

The price of EUR/USD is exposed to profit-taking selling operations after testing the 1.0695 resistance level at the beginning of this week’s trading.

The increase in global geopolitical tensions has restored the US dollar to its status as safe havens asset.