Forex Daily Forecast, Analysis and Prediction

I will start out with this pair taking a brief look at the weekly chart. Last week price fell to the 233 ema then bounced. It seems to be heading back up, however, tough resistance does stand in its way.

I start my analysis on the Swissy looking at the weekly chart. Last week was a very bearish week for this pair and at this time the 5 ema is above weekly price action with a stochastic in the overbought zone.

If we take a technical look at the weekly EUR/USD chart using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to several reasons. Get the full picture - and our weekly signal here.

For 4 weeks in a row the Sterling has closed higher than its open after dropping from the high of 1.66180 the week of August 14, 2011, to the support level at 1.5350 at the beginning of October.

Starting out with the weekly chart for this pair I just wanted to point out a few things. First of all, last week price for this pair had mostly dropped and it pierced the 55 ema and has retested.

If we take a technical look at the weekly EUR/USD chart using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to several reasons. Find out what they are and get this week's signal here.

Starting out with the weekly chart bullish conditions exist. The stochastic is crossing it's way out of the oversold zone and price is trying to catch a ride on the 5 ema.

If we take a technical look at the Weekly chart GBP/USD using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to the following reasons:

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The EUR/GBP ends the week with a bearish tone. It had appeared to me that it could break out of its range to the upside.

Starting out with the weekly chart for this pair it appears price is bouncing off the 233 ema it landed on earlier this week and may go up.

The Swissy looks like it is dropping further today. Looking at the weekly chart it is clear that price is steadily falling from the near 50.0 fib level it has recently made and is now falling below the 38.2 fib level.

Looking at the daily chart for the EUR/JPY it is obvious price has been riding on the 13 and 21 ema's.

Starting off with the weekly chart it appears that the GBP has picked up strength and the stochastic is in the overbought zone trying to cross up.

Normally, my analysis for the EUR/GBP entails analysis of the EUR/CHF and GBP/CHF. Today however, I don't see it necessary to even look at those two pairs.