Forex Daily Forecast, Analysis and Prediction

It’s hardly a surprise to see this market continue to fall.

The first thing I notice is that every time we rally in this market, it’s very difficult to hang onto those gains.

In my daily analysis of the Aussie dollar against the Swiss franc, it's plain to see that the negativity continues.

The only thing I can see is that there is a lot of bullish pressure here.

The GBP/USD exchange rate was relatively volatile after the latest Bank of England (BoE) and Federal Reserve interest rate decisions.

Bitcoin price continued its freefall during the weekend, joining other risky assets in a strong sell-off amid rising recession fears.

The AUD/USD exchange rate remained under pressure ahead of the upcoming Reserve Bank of Australia (RBA) interest rate decision.

The GBP/USD went into the weekend near the 1.27993 level, after touching a low around the 1.27075 earlier on Friday.

WTI Crude Oil has gone into the weekend near its lows for the week and past month.

Last week saw strong and dramatic moves in the market, primarily in the Forex market, with the Japanese Yen advancing by more than 5%, and the US Dollar tumbling after a dovish tilt from the Federal Reserve.

Get the weekly Forex forecast for major currency pairs for the week of August 05-10, 2024 here.

In my daily analysis of the EUR/GBP pair, I can see that this asset is in the midst of trying to form some type of basing pattern.

In my analysis of the US dollar against the Pakistani rupee, you can see that the central bank of Pakistan has kept a tight lid on this pair.

In my daily analysis of the Dow Jones 30, it’s obvious that the market is in an uptrend, but the trading session on Thursday has been quite brutal.

In my daily analysis of the DAX, the first thing I notice is that we are threatening a major trend line, and therefore we need to pay close attention to what happens next.