Forex Daily Forecast, Analysis and Prediction

The GBP/USD starts out its new week in between the 5 ema and what has been strong visual support around 1.5350 so it will be very interesting to see what happens with this pair.

The EUR/JPY and EUR/USD are closely correlated today...but what does this mean for your Forex trading today? Find out here!

The EUR/GBP begins the new week 80 pips below the weekly 5 ema and at the bottom of the Bollinger band. Price is however making its way down to a which has been respected as support and resistance a few times in the past I expect it to be respected again.

The new week for the Swissy starts out below the 50.0 fib line it broke last week, however, this pair still looks bullish to me. Price is still above the 5 ema and it can just keep heading up until it reaches the 144 ema around .9750 then drop.

The new weekly candle for the EUR/USD opened up over 100 pips below the weekly 5 ema. Last weeks weekly candle printed at the lower Bollinger band.

The USD/CHF pair finally broke 0.9300 last week and is now possibly pulling back to this level before heading higher. After reaching its highest level since March of this year at 0.9546 on December 15, it proceeded to fall as much as 159 pips, closing only a few pips from the bottom of the daily candle that day.

Planning your Forex trades for the coming week? See what one expert trader predicts for the Forex market in the coming week.

The GBP/USD looks a bit bullish. It has recently made a double bottom and is trying to head up. On the 4 hour time frame price is heading to the 55 ema which is about where I would expect price to head down to. 1.5566 looks like a decent area to enter shorts.

Yesterday the EUR/JPY nearly made touchdown with the 100.90 support area I have been pointing out for a couple months.

In the last few days the EUR/USD has broken through an area of visual support. A retracement or retest at the scene of the break is usually expected. Price could head up to 1.3155 before continuing on to the downside.

For the last couple days the EUR/GGP has been in a range. After a pair makes a steep move it tends to reconsolidate for a couple days to catch its breath. Usually what price is really waiting for is the ema's to catch up with it.

Yesterday the Swissy weekly candle broke above the 50.0 fib line of the last move down and was immediately rejection and price is right back down just below the 50.0 fib.

In a move that mirrors the GBP/USD that I wrote about yesterday, the AUD/USD has found support on a daily zone at 1.9860 and is looking bullish for the moment.

On the daily time frame the GBP/USD continues to drop, however, it appears price is bouncing off the lower Bollinger band and heading up a bit I think just to tap the 5 ema so it can keep heading down. In any case, at 1.5350 I do expect to see bullish reactions.

The Swissy finally blew through the 50.0 fib level of .9400 and beyond. On the weekly time frame the next area of major resistance is at the 144 ema at .9770 which is where I will expecting a reaction if price makes its way up to that level.