Forex Daily Forecast, Analysis and Prediction

USDCAD: Bullish but failure to make clean breakout beyond 1.3500

USDCHF Analysis: bearish as risk-off sentiment boosts Franc

GBPUSD: Pound is still relatively weak

EURUSD: Supported again above 1.1100

The Euro rallied significantly during the trading session on Friday, reaching towards the 1.1165 handle.

The US dollar initially rallied against the South African Rand during the trading session on Friday, but then rolled over rather significantly.

The S&P 500 broke down during the trading session on Friday, slicing through the 200 day EMA.

The WTI Crude Oil market broke down again during the day on Friday, slicing through the $55 level.

The US dollar broke down significantly against the Japanese yen during the trading session on Friday, as there has been a major “risk off move.”

Gold markets exploded to the upside during the day on Friday, reaching above the downtrend line that has been so prevalent on the daily chart.

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Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of June 3, 2019 here.

Check out our weekly Forex forecast focusing on major pairs to pay attention to during the week of June 3, 2019 here.

In the early hours of the day, a strong contraction of China's industrial production was announced, confirming the negative expectations of the world's two largest economies due to continued trade war.

China's industrial output shrank more than expected, adding to investors' fears of the global economic recession and thus supporting the strong investor move to safe haven assets led by the Japanese Yen.