Forex Daily Forecast, Analysis and Prediction

The West Texas Intermediate Crude Oil market fell during the trading session on Friday, showing signs of exhaustion and probably more likely, profit-taking.

Bitcoin did very little during the trading session on Friday, as the market is probably focusing more on the holidays than anything else.

On the daily chart, it appears clear that the EUR/USD has broken form the bullish channel by moving towards the 1.1066 support, and the trend may be completely transformed by moving below the 1.1000 support.

Gold markets will be very quiet this week unless of course we get some type of headline coming out of the US/China situation that moves the markets.

USDJPY: Pivotal area 109.50 / 110.00 still in play

Prior to the holidays, which weaken liquidity in the markets, and with investors risk avoidance until the markets return to normal conditions.

While the long-term fundamental outlook for gold remains extremely bullish, traders should expect a short-term pull-back over the holiday-shortened trading week.

The strength of the US dollar this time did not prevent gold prices from holding onto its gains around the $1482 resistance at the time of writing.

Following the sharp sell-off in the British Pound, after the announcement that an extension of the Brexit transition period past December 31st 2020 will be illegal

On the daily and four hours charts of the USD/JPY pair, it is clear that a bullish flag is forming and there is stability of the performance for several sessions, which foreshadows a strong movement coming in either direction.

Bitcoin: More bullish but weekly resistance below $8,000

GBPUSD: Finally bottoming above 1.2972?

EURUSD: Strong resistance likely at 1.1110

Germany continues to resist calls by the European Central Bank to increase fiscal spending.

Commentary out of the US and China over the weekend attempted to strike a positive tone regarding the phase-one trade truce.