Forex Daily Forecast, Analysis and Prediction

It’s obvious that we are struggling a bit to find some type of directionality

The Euro has rallied a bit against the Swiss franc during the trading session after initially pulling back on Tuesday, and now it looks like we are trying to get to the 0.9450 level.

During the trading session on Tuesday, we've seen the US dollar pick up a little bit of strength against the Swiss franc as traders are trying to sort out whether or not there is some type of floor being built into the market here.

The EUR/USD pair pulled back slightly as the market continued to price in a 0.50% rate cut by the Federal Reserve.

During the trading session on Tuesday, we have seen the euro rally quite a bit against the Japanese yen, as it looks like we are trying to do everything we can to form some type of bottom in this market.

Bitcoin price rose above $60,000 in the overnight session as sentiment in the crypto industry improved ahead of the Federal Reserve decision.

The AUD/USD currency pair was flat on Wednesday morning as traders waited for the Fed decision and Thursday’s Australia jobs numbers.

Forex markets, especially the US Dollar, are expected to consolidate ahead of the US Federal Reserve’s highly anticipated policy meeting later today. Direction will be provided by the size of the rate cut announced, with sideways trading likely beforehand.

The setup behind the EUR/USD exchange rate is constructive, and there's a good chance the 2024 rally will be tested either this week or next.

The GBP/USD exchange rate could test its 2024 high of 1.3250 if the Federal Reserve cuts US interest rates by 50 basis points this week.

The USD/JPY exchange rate has declined for the second consecutive week, reaching its lowest level since December last year. The pair dropped to the 139.60 support level, down about 14% from its high this year, indicating it has entered a correction phase.

The USD/BRL has been able to sustain selling momentum since Thursday of last week, the currency pair ended yesterday trading near the 5.5050 ratio, this after last Thursday’s value touched 5.6765.

Gold prices hit another record high at the start of this important week’s trading with gains reaching the $2,590 resistance level per ounce ahead of the US Federal Reserve meeting this week, during which the US central bank will assess its monetary policy for the first time in more than four years.

It was a very strong day for the euro against the US dollar on Monday as we broke back above the 1.11 level.

At this point, it looks like the US dollar will end up trying to continue to fight against the 200 day EMA.