Forex Daily Forecast, Analysis and Prediction

The USD/ZAR has produced a bit of a downturn in early trading this morning but still remains in the higher elements of its mid-term range, opening the door for speculative opportunities.

USD/MYR challenges 4.50 resistance, with bullish momentum supported by U.S. dollar strength and technical setups targeting 4.65.

The US dollar rallied slightly during the trading session on Friday gaining about 24 basis points as I record this. The market pulled back toward the 20.60 level and stabilized a bit.

Silver struggles to sustain rallies near $30, facing technical resistance and sensitivity to rising yields, with potential downside if support at $28.75 breaks.

USD/JPY consolidates below 158 resistance, with buyers favoring dips as bullish momentum targets 160 and upcoming U.S. jobs data drives market direction.

Bitcoin initially pulled back just a bit during the trading session on Friday, but as you can see, we have turned around the show signs of life.

USD/CHF tests resistance near 0.91, with bullish momentum favoring a breakout to 0.92 and parity amid Swiss rate cuts and U.S. dollar resilience.

The British pound was rather quiet during the trading session on Friday against the Japanese yen, but quite frankly that might be exactly what it needed. All things being equal, this is a market that continues to be very interesting, mainly due to the fact that the Japanese yen is so hated at the moment.

USD/CAD tests 1.45 resistance as Canadian dollar weakness persists, with traders favoring bullish setups near key pullback levels at 1.4350 and 1.42.

The EUR/USD pair continued its strong downtrend, falling for five consecutive weeks, and reaching its lowest level since November 2022. It has dropped by almost 10% from its highest level in August 2024.

The BTC/USD pair has risen gradually even as the US dollar index (DXY) continued its strong uptrend and reached a multi-year high of $109.51. In most periods, assets traded in the US dollar lag underperform when it is in a strong rally.

The AUD/USD pair continued its strong sell-off as investors embraced a risk-off sentiment by moving to the safety of the US dollar. It plunged to a low of 0.6180, its lowest point since 2022 and a few pips above its 2020 lows.

British Pound is rising quite strongly as the new calendar year gets underway.

As markets returned from the holiday, the US Dollar regained strength while European and most commodity currencies lost value. Risk sentiment continued to be sketchy despite a possible recovery at the end of the week.

Get the weekly Forex forecast for major currency pairs for the week of January 06-11, 2025 here.