Forex Daily Forecast, Analysis and Prediction

The GBP/USD starts it's day off in a very bearish position, but it is a mixed bag. This pair has made a perfect fib of the last move down to the 50.0 level which was overlapped by the 55 ema almost as well as the 21 ema.

This pair is a tough read for me today. Based on correlation I am bullish for this pair, however, the technicals are looking bearish. Since yesterday the market has been very unpredictable, and with the Non-Farm Payroll coming out on Friday the market will behave in strange ways.

Starting my analysis of the EUR/USD I will begin with the weekly time frame. It looks bearish, but I not bearish on this pair because I am bearish on the Swissy and these two pairs are almost exact reciprocals of each other.

Yesterday this pair made a big leap, of course it had very little to do with the technicals and had everything to do with the fundamentals.

Yesterday the Swissy took a dive. As with the other pairs, yesterday's big move was mostly fueled by the ECB and had very little to do with technical analysis. Technically, I had no doubts price would fall and I mentioned that in my analysis yesterday.

Currency: EUR/USD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading.

Today the North American markets saw their biggest gains in 2.5 years, all due to a decision from 6 major banks in an effort to prop up the world economy...and the 6 'cousins' are all correlating in the right ways for further movement.

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The investors are waiting for the flow of employment data that starts today and ends on Friday with the unemployment rate

The action by several central banks on Wednesday to lower the borrowing rates for Dollars has boosted several of the “risk on” trades in the global currency markets.

The EUR/JPY open and spiked a bit to the 38.2 fib of the recent swing down and it was overlapped with the daily 13 ema and all this was enough to send price downward. On the 4 hour time frame price is below the ema's and the 5 ema is crossing below the 13 ema so price is surely heading downward.

I start my analysis for this pair briefly with the weekly time frame which i would like to point out that yesterday's high brought price up to nearly the weekly 5 ema which caused a push to the downside. At the same time the weekly 5 ema was nearly touched the daily 13 ema was touched then price fell a bit and settled.

Up until recently I keep mentioning the .9300 level of the Swissy would be reached and only to be rejected, which it was since it was so obviously a double top on the daily charts.

Taking a brief look at the weekly time frame for the EUR/USD it is obvious that price is spaced away from the 5 ema. Most of the time, price needs to make contact with the 5 ema to continue along on its trend. The 5 ema gives price the fuel it needs to travel.

The USD/CHF pair has been quietly gaining as the rest of the world watches the EUR/USD pair. The drama coming out of Europe continues to grab all of the headlines, and as a result most of the attention.