Forex Daily Forecast, Analysis and Prediction

USD/JPY tests ¥158 resistance as rising US yields favor the dollar. A breakout could target ¥160, while ¥155 remains key support.

Cautiousness has developed in global assets and this is being expressed in the USD/ZAR just like other major currency pairs as USD centric strength has taken hold. Large players influencing the USD/ZAR are likely wondering what will develop in the mid-term...

GBP/USD remains bearish as a strong US dollar pushes the pair toward 1.3200 support. A break lower could expose the 1.3140 level.

USD/CHF maintains its bullish momentum as rate differentials favor the dollar, with 0.82 providing support and 0.84 the next key target.

EUR/USD exchange rate has continued its strong downward trend and is hovering near its lowest level since June 24 this year. It retreated to 1.1367 as traders waited for the upcoming US macro numbers, including jobs, inflation, and consumer confidence.

Bitcoin price remained under pressure as the recent momentum faded amid the rising bond yields. BTC/USD pair dropped modestly to 83,450 from this month’s high of 87,480, with focus shifting to the upcoming US macro data.

AUD/USD remained on edge on Tuesday after the Reserve Bank of Australia (RBA) delivered its closely watched interest rate decision. It was trading at 0.7017, a few points above the crucial support level of 0.700.

Given today’s RBA rate rise has already been factored in and the central bank’s accompanying statement provided little in the way of forward guidance, the pair may see a more meaningful move later this week following a slew of key domestic and U.S. economic data.

The market structure is changing, but the ongoing correction introduces another technical question into the market.

EUR/GBP is testing the 200-day EMA and key 0.8650 resistance. A confirmed breakout could strengthen the bullish outlook, while 0.8600 remains the key downside level.

Copper remains bullish while holding above key $6.50 support and the 50-day EMA. Strong AI data-center demand and Chilean mine constraints support a longer-term move toward $7.

AUD/NZD rallied Friday as the uptrend continues, with the chart forming a bullish flag. The interest rate gap favors the Australian dollar, with the RBA's cash rate at 4.35% against the RBNZ's 2.75%.

The USD/MXN has seen a lift off occur the past handful of day as global assets and outlooks react to an environment not all investors, nor large players, are comfortable.

Dips are viewed as buying opportunities in the AUD/CHF pair, with 0.59 as the first target and 0.60 above. Only a major flight to safety into the franc would change the trend.

The main reason why now is a good time to be interested in the Forex market, and in this currency pair in particular, is that the US Dollar has recently made a significant technical breakout upwards.