Forex Daily Forecast, Analysis and Prediction

DAX 40: While bullish overall, the German index is a little overstretched, so a pullback could offer a great buying opportunity to pick up cheap contracts

GBP/USD: Looking bearish, and having run out of momentum the British pound is struggling against a strong US dollar, and in danger of moving down as far as the 1.21 level.

BTC/USD: Bitcoin has been choppy with a bit of a pullback though it is generally still on an upward trajectory, with all eyes watching the $110,000 level to see if it can break higher.

The GBP/USD exchange rate wavered as focus shifted from this week’s swearing in of Donald Trump to next week’s policy statements by the Bank of England (BoE) and the Federal Reserve (Fed). It was trading at 1.2330, up by almost 2% from its lowest level this month.

USD/CAD: With the threat of tariffs on Canadian goods and government uncertainty, the Canadian dollar is on the back foot and any pullback will likely see a lot of support near the 1.4350 level

The EUR/USD exchange rate was flat and hovering near its highest level since December 30th. It moved slightly above the psychological point at 1.0400, up by 2.40% from its lowest point this month as the US dollar index retreated.

XAG/USD: The market is somewhat bearish and is likely to continue to see a a potential “pairs trade”, with traders buying gold and shorting silver

Bitcoin price remained in a tight range a crypto investors waited for more actions from the Donald Trump administration. The BTC/USD pair traded at 104,450 on Thursday morning, a few points lower than the all-time high of over 109,000.

NASDAQ 100: Remaining bullish, the index looks like it could eventually break above 22,100, and go even higher, with the occasional short term pullback offering buying opportunities

XAU/USD: Gold is looking bullish and could eventually find the momentum to make it all the way to the $2900 level

EUR/USD: The market appears bearish and it’s very likely that the euro will try to get down to the 1.03 level

USD/JPY: A very choppy market as the Bank of Japan continues to be the focus of traders, as Friday is its next interest rate decision.

USD/CAD: The US dollar is likely to strengthen against the CAD, with the 1.45 level above as a significant barrier, creating a buy-on-the-dip scenario

EUR/USD: Trump tariff tweets continue to cause volatility and this is a market in which to buy cheap US dollars

The USD/MYR has seen a sudden glimpse of selling the past two days and has moved from the 4.4900 level to a value around 4.440 as of this writing.