Forex Daily Forecast, Analysis and Prediction

Likely to find temporary support at the $1.2000 area.

Risk-off sentiment has continued in the market, sending the US Dollar to new long-term highs and stocks lower.

The GBP/USD exchange rate's relentless sell-off gained steam last week as investors moved to the safety of the US dollar.

The EUR/USD exchange rate continued its free-fall as the US dollar rally gained momentum.

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 1st, 2023 here.

The USD/MXN initially tried to rally during the trading session on Thursday, but the 200-Day EMA just above is causing a bit of a headache.

Silver is currently clinging to the support level at the base of the long-term consolidation area, persistently challenging the $22.50 zone.

The natural gas markets are currently in a state of flux, witnessing a rise of over 1% in a recent Thursday trading session.

Currently, the gold market is navigating through a phase of despair, with the existing conditions being far from favorable.

The EUR/USD experienced a slight rally during Thursday's trading session, a logical response given the market's oversold condition and the bounce from the pivotal 1.05 level.

The USD/JPY experienced a slight decline during Thursday's trading session, indicating a stretched market.

The GBP/USD experienced an initial surge during Thursday's trading session but is already exhibiting signs of reluctance.

The NASDAQ 100 initially fell during the trading session on Thursday, but it looks like we continue to see support in the same general vicinity.

The crude oil markets demonstrated an initial surge during the trading session on Thursday but subsequently relinquished a substantial portion of the gains, indicating a potential impending pullback.