Forex Daily Forecast, Analysis and Prediction

A strong rebound from a new low is discouraging bears.

Despite the European Union’s approval of more stimulus plans to counter the effects of the pandemic, the currency pair EUR/USD suddenly experienced selloffs that pushed it from the resistance level of 1.1875 to the support level of 1.1772, its lowest in three months.

Yesterday, the US dollar recovered against the rest of the major currencies in response to the stronger-than-expected rise in US inflation.

After the announcement of stronger than expected results of US inflation figures, the price of an ounce of gold fell to the level of 1798 dollars.

After the announcement of US inflation figures, the US dollar will be closely watched today due to the testimony of US Central Bank Governor Jerome Powell before the US Congress.

The USD/ZAR has surged higher in the past few days as widespread chaos has hit many of the streets in South African communities.

The USD/INR has bounced higher this morning after the Forex pair finished yesterday’s trading near short-term lows.

The USD/SGD has tested resistance targets again and is now highly positioned technically within its active and challenging price range.

ETH/USD has produced a strong leg downwards overnight and early this morning as support levels continue to appear vulnerable.

The price is being threatened by a major bearish breakdown.

The UK CPI came in high at 2.5%.

If the US Dollar Index breaks the 93 handle, the euro is going to be absolutely smoked.

The British pound tried to rally during the trading session, but then broke down significantly as the US dollar got a push higher during later trading hours.

The Bitcoin market initially tried to rally during the trading session on Tuesday, but then broke down again as we continue to see bearish pressure in this market.

The S&P 500 pulled back just a bit during the trading session on Tuesday as the 4400 level has offered a bit of resistance.