Forex Daily Forecast, Analysis and Prediction

Analyzing the different charts of the pair GBP/USD helps to understand the intensity of the current bearish session in the market. See how it's done here.

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The Swissy opens its day just above the daily 5 ema and appears to want to head up.

Yesterday was a very interesting day for the EUR/GBP It was a very technical day.

The EUR/USD pair has fallen in a particularly bearish session on Wednesday as the German government has failed to sell half of the expected bond sale for the day. The markets have been struggling to break below the 1.35 – 1.34 area as it showed itself to be significant support for this pair that seems to defy gravity.

The GBP/USD is just above the 78.6 fib level of the last move up. As I have said in the past the 78.6 fib level is very significant.

EUR/JPY began its day just on the 78.6 fib level to the upside based on the daily timeframe.

The EUR/USD took quite a dive yesterday as I had predicted. Price open just below the 13 ema yesterday.

ABC wave in progress as shown. Wave position after it broke 1.3420 level is at end of iii.

Beginning my analysis for this pair on the daily time frame it is easy to see that price has been coasting down along the daily 5 ema. Price is however approaching the 78.6 fib to the upside at 103.09 and some type of reaction should be expected at that level.

The GBP/USD starts off today as it did yesterday on the 61.8 fib of the recent move up at 1.5612 This is a very bullish fib level, however, the position of the ema's is very bearish for the pair. Price is riding the 5 ema to the downside and the lower Bollinger band is wide open pointing straight down.

On the weekly time frame this pair is sitting on a support line that does not want to be broken. It has been pierced a couple times but no candle closes below the line. This is a crucial area because something has got to give sooner or later.

So far this week and on the weekly time frame the EUR/GBP made a 50.0 swing fib to the downside that was overlapped with the weekly 13 ema and of course price was pushed downward as expected.

I will begin my analysis for the Swissy on the daily time frame. The daily 5 ema seems to be rolling over a bit and now has very little angle and separation between it and the 13 ema, however, price is still above the 13 ema so this pair is still in upside mode.

The Sterling has been falling for 6 of the past 8 days after consolidating above the 1.5950 level for 2 weeks. Now we are sitting on a Support zone at 1.5575 could see price stop and reverse, or break through and possibly re-test the previous low of 1.5272 in the weeks ahead.