Forex Daily Forecast, Analysis and Prediction

The EUR/JPY didn't make much headway yesterday. The total range for yesterday was only 25 pips. On the weekly timeframe price is still below the weekly 5 ema and still has not made contact with it this week and I doubt it will this week since thee is no true driving force in the market this week.

The GBP/USD was certainly the King of the Hill yesterday. When many of the major pairs only moved a fraction of their daily ranges the GBP/USD still made a 104 pip range, just a few pips below its average day.

Yesterday was not a very volatile day for this pair and I don't expect today will be either. sometimes, the winning trade is to not trade. I love to trade and I am always obsessed with finding a position, an entry position into the trend. But I like to trade on volatility.

The volatility for the EUR/GBBP picked up just a bit yesterday. The range was 42 pips. In my recent analysis for this pair a few days ago I pointed out that the weekly candle made touchdown with the mighty 233 ema as I had predicted previously and you can always be sure that when price hits touches the 233 ema on any timeframe there will almost always be a reactionary bounce of some sort to some degree; barring news related events.

What I am watching for the most with the Swissy is will daily price fall and close below .9310 This level seems to hold some importance and has managed to be both support and resistance.

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As with all the pairs I have analyzed there was very little price action and for a pair that averages 100 - 120 pips a day and even more at times this pair only did 29 pips but that's not so much due to lack of volatility as it was a Bank Holiday pretty much throughout most of the world.

The GBPUSD had an interesting day yesterday strange enough. Considering Christmas and the fact that yesterday was a Bank Holiday I really didn't expect too much movement for this pair yesterday as there was very little moment amongst several other pairs and any movement was purely incidental, the GBP/USD still managed to move 62 pips and the GBP/CHF moved 67 pips.

In my analysis for the Swissy I was bullish, so naturally for the EUR/USD I am bearish. Of course, for this pair to fall down it will have to rise a bit more.

Yesterday was an expectedly slow day for this pair due to the Christmas Holiday and of course Monday was a Bank Holiday for most of the world. Yesterday's range was only 33 pips.

Yesterday's range for the EUR/GBP was only 27 pips, but hopefully things will be changing as today's trading progresses. Get the full analysis here.

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The EUR/JPY opens its new weekly candle just below the weekly 5 ema but far enough below that I think price will need to drift up a bit to it then continue its way down. The weekly 5 ema is at 102.51, the daily 21 ema is at 102.65 and the 38.2 fib of the recent swing down is at 102.82

The GBP/USD begins its new week right on the 5 ema. The stochastics is pointing up and I don't believe this pair is done rising. On the daily timeframe the stochastics is rising and pointing up and price is above the ema's.

The new weekly candle for the EUR/USD opens up around 120 pips below the weekly 5 ema. As I have stated time and time again and have been proven correct every single time, price needs to make its way back up to the 5 ema at least just to tap it.