Forex Daily Forecast, Analysis and Prediction

The US dollar initially rallied a bit during the trading session here on Monday only to give back the gains to show signs of exhaustion. In fact, it looks as if we are possibly going to form a shooting star in what already is a downtrend. So, the question now is, is the US dollar selling continue? It looks like it is here, and in some other pairs as well. we'll have to wait and see, but really at this point in time, it's very important to recognize that the Swiss Franc is considered a safety currency. So, we will even in a scenario where people run to the U S dollar for safety, they may run to the Swiss Franc a little quicker. So, what this tells me is that the US dollar continues to be on the back foot. But when you look around the world and the various currency pairs, you have to understand that this also can be thought of as a signal for the Swiss franc. So maybe short the pound against the Swiss franc or other currencies that may struggle right now. That isn't the case, but that could be what this turns into.

The US dollar initially rallied a bit during the early hour here on Monday, but you can see we have struggled a bit. And at this point in time, this looks like a market that's hanging around the 200 day EMA, which of course is an indicator that a lot of people use to determine the overall trend. And it's worth noting that the 200 day EMA right now, it's flat.

The euro has shown itself to be a little bit positive against the Japanese yen during trading on Monday as we continue to dance around the top of an ascending triangle. Ultimately, this is a market that I think could go looking for a major swing high at the 175.53 yen level, but it is going to have to build up a little bit of momentum. Quite frankly, the markets are waning back and forth between risk on or risk off behavior. But as long as we get some type of risk appetite out there, I think you've got a very real shot at the Euro rising against the Japanese yen and perhaps trying to hit that 175.53 yen level.

The German index gapped lower to kick off the trading session here on Monday but found buyers after filling a gap from last week. In post-market trading, we are starting to see a bit of buying pressure as well. So, I do think that we continue to be attracted to the 50-day EMA currently at the 23,832 euro level. If we can break that level, then it opens up a potential move to the 24,500 euro level, which has been a bit of a brick wall. The big question on a breakout will be, can we get above Tuesday, September 2nd candlestick? Because if we can, then technically speaking at least, it looks like we should go higher. Short-term pullbacks, we'll continue to find buying pressure, I would anticipate, all the way down to at least the 23,000 euro level, if not the 200,000. day EMA, is 22,670 euro.

The British pound has rallied slightly during the trading session here on Monday, but you can see that we're just hanging around the 50 day EMA. And it looks a lot like a market that is just simply going sideways after a significant drop over the course of three days. But uh this is still a market that is technically I guess up in an uptrend or maybe sideways. The 1.34 level should offer support as long as that holds.

The US dollar rallied against the Canadian dollar during the early hours on Monday, as we continue to dance around the 1.38 level. The 1.38 level is an area that I think a lot of people will be paying close attention to, and as we have seen multiple times over the last couple of months, it looks like it’s a bit of a magnet for price. Ultimately, this is a market that I think given enough time, we have to make a bigger decision but as things stand right now, there are a lot of questions about the North American economy, so does make a certain amount of sense that the USD/CAD pair continues to be sideways.

The euro rallied a bit during the trading session on Monday, testing the crucial 1.18 level. The 1.18 level is an area that I think a lot of people are paying close attention to, due to the fact that it had previously been major resistance, and now the standing that eventually we end up finding potential support in this area. With that being said, it’s interesting to see that we broke below that level and then turned around to go looking at the 1.18 level.

Ethereum collapsed during the trading session on Monday, breaking below the 50 Day EMA, reaching the $4000 level. The $4000 level of course is a large, round, psychologically significant figure, and an area that we have seen a lot of support in previously. All things being equal, this is a market that continues to see a lot of reaction to risk appetite, and at this juncture, it’s probably worth noting that we have been in a range for some time. It’s an $800 rectangle that we find ourselves in, and therefore if and when we can break out of this rectangle, then we could see an $800 move based on “measured move” analysis.

Bitcoin has dropped significantly during the early hours on Monday, breaking below the 50 Day EMA, showing signs of weakness. All things being equal, this is a market that has recently rallied quite a bit, after dropping pretty significantly. When you look at the longer-term trend, we have a “lower low”, and potentially a “lower high”, as we have seen so much selling pressure. At this point, you have to ask the question of whether or not crypto markets are going to start suffering at the hands risk appetite. After all, structurally speaking at least, we are starting to drop a bit.

Bitcoin price plunged to below the crucial support at $112,000 as leveraged bets worth billions of dollars were wiped out. The BTC/USD pair has moved into a correction after falling by 10% from the highest point this year

The AUD/USD exchange rate has pulled back in the past few days as the US dollar index rose after the FOMC decision. It pulled back from the year-to-date high of 0.6700 to 0.6600 as focus shifts to next week’s Reserve Bank of Australia (RBA) rate decision.

The GBP/USD exchange rate attempted to recoup some of the losses made last week following the Federal Reserve interest rate cut. It was trading at 1.3515 on Tuesday morning as traders wait for a statement from Jerome Powell, the Federal Reserve’s Chair.

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