Forex Daily Forecast, Analysis and Prediction

USD/CAD pushes toward 1.40 after breaking consolidation. Bulls eye 1.42 if resistance gives way, with 1.39 and 200-day EMA offering strong support.

USD/CHF holds support, testing 0.80 resistance. A breakout may target 0.81, but failure risks a slide below 0.79. Traders eye EMA and trend shift signals.

The British pound failed to hold 1.35, with risks of a drop to 1.34–1.33. Fed rate cuts fuel debate, but dollar demand remains strong in risk-off moves.

Bitcoin extends gains toward $124K. While volume is lighter, buyers eye new highs. Pullbacks near $117K remain attractive entry points for bulls.

Apple retraced after gapping higher, testing $260 as key resistance. Support holds near $250–255, with potential bullish breakout aiming at $275.

Crypto markets sprang back to life in the lead-up to October, following a two-week pullback that had many saying, “I told you so,” regarding the possibility of a “Red September.” After bottoming out near $108,600 last Friday, Bitcoin (BTC) bulls went to work to ensure King Crypto finished the month in the red, ultimately sparking a late-September rally that resulted in a monthly gain of 6.34%.

Equity markets shook off the US government shutdown and pushed to fresh all-time highs, as investors bet that the shutdown would be short-lived. The extension of the equity rally, fueled by an apparent AI bubble, has reached dangerous levels, exceeding the pre-Dot-Com bubble. The labor market continues to weaken rapidly, as measured by the ADP report, which showed a loss of 32,000 jobs in September, and a downward revision for August from 54,000 job gains to 3,000 job losses.

Equity markets shook off the US government shutdown and pushed to fresh all-time highs, as investors bet that the shutdown would be short-lived. The extension of the equity rally, fueled by an apparent AI bubble, has reached dangerous levels, exceeding the pre-Dot-Com bubble. The labor market continues to weaken rapidly, as measured by the ADP report, which showed a loss of 32,000 jobs in September, and a downward revision for August from 54,000 job gains to 3,000 job losses.

The GBP/USD exchange rate held steady on Thursday as the US dollar retreat continued. It jumped to a high of 1.3485, continuing a trend that started when it bottomed at 1.3325.

The EUR/USD exchange rate was unchanged on Thursday morning as market participants waited for more information on the ongoing government shutdown in the United States. It was trading at 1.1730, a few pips below the highest point this week.

Bitcoin price jumped to the highest level since August as investors predicted that more gains would happen in the so-called Uptober. It also happened as the government shutdown pushed more people to the coin.. The BTC/USD pair rose 117,550, up by almost 10% from the lowest level in September.

The AUD/USD exchange rate rose to the highest point since September 18 as the US government shutdown started and after the US published weak jobs numbers. It rose to 0.6620, up from last week’s low of 0.6520.

The US dollar initially did try to rally a bit during the earlier part of the session on Wednesday but then fell significantly as we could not hang above the 200 day EMA for very long. We fell pretty significantly, but we are starting to see the US dollar find some value hunting. I think at this point in time, it's likely that the US dollar will continue to see some interest.

Gold markets initially rallied a bit during the early hours here on Wednesday but then gave back quite a bit of the gains near the $3,900 level. Keep in mind that the gold market continues to see a lot of volatility and choppiness. And the fact that we gave up some of the gains tells me that we just don't really know what to do. With this being said, market participants obviously know the gold is very bullish, but it has to give back some of the gains sooner or later. I think there are a lot of concerns out there about the US government shutting down. I don't know why it happens from time to time, but the market always seems to react to it and it's possible. What we see here is money coming out of profits in places like the gold market and going into the treasury market. The 10-year note is definitely gaining steam during this session.

The Euro has initially rallied against the US dollar during the trading session here on Wednesday but then gave back a bit of the gains to turn around and show a massive shooting star by the time the Americans fully have the market in their hands. The 1.18 level continues to be a major barrier to overcome that we just really haven't seen happen yet. So, with that being the case, I think you have to look at this through the prism of a market that given enough time, we'll have to make a bigger decision. And to me, it looks like we are running out of momentum. If we fall from here, it's likely that we could go looking at the 50 day EMA. The 50 day EMA offer support, but breaking down below there, then opens up the possibility of an uptrend line coming into the picture for support. Beyond that, then we have the 1.16 level.