Forex Daily Forecast, Analysis and Prediction

The Norwegian Krona has been on the back foot for some time and now it looks like the US dollar is trying to break above the 11 level, which of course is a large round psychologically significant figure.

Gold initially pulled back just a bit during the early hours on Monday only to turn around and show signs of life again.

During my daily analysis of the EUR/USD pair, the first thing I see is that we are hanging around the 1.08 level, an area that of course has been important multiple times.

During my daily analysis of the GBP/USD pair, the first thing I see is that there has been a lot of volatility in this market.

During the Monday session, we have seen the US dollar pull back a bit against the Swiss franc, as the markets are looking a little overstretched at this point in time.

In my daily analysis of European indices, I am paying close attention to the DAX, as we have seen an initial gap to the upside, only to turn around and show signs of life.

After trading lower over the month of October, there are initial signs that the price is finding a floor ahead of the US Presidential Election next week.

During my daily analysis of exotic currency pairs, the USD/MYR pair has caught my attention, because we continue to see a nice recovery in this market.

The AUD/USD exchange rate continued slumping, hitting its lowest level in over 10 weeks as traders focused on next week’s US election.

The GBP/USD exchange rate stabilized a bit ahead of the important UK budget and important US economic data.

Bitcoin price soared and retested the important resistance point at $70,000 for the first time in months as the odds of a Donald Trump victory rose and as geopolitical risks eased. The BTC/USD pair has moved into a bull market after rising by over 30% from its lowest level in September.

The USD/TRY pair has maintained its stability at the same levels it closed at last week.

The USD/JPY exchange rate declined amid a broader weakening of the US dollar and increased talk of intervention in the forex market by Japanese authorities.

At the end of last week, the GBP/USD attempted to rebound, but its gains did not exceed the 1.2998 level, and it is currently stabilizing near the support level of 1.2940 at the beginning of an important week, near its three-month low.

A week before Fed officials meet to consider the appropriate pace of US interest rate cuts, three major reports are set to show underlying resilience in the US economy and a temporary slowdown in job growth.