Forex Daily Forecast, Analysis and Prediction

EUR/JPY Forex signal based upon Elliott Wave principles. Get an entry point and stop loss from an expert trader - for free!

The Canadian Economy got some good news from the Housing Starts for September giving the Loonie a tiny bit more strength against its southern cousin, the Greenback.

I will skip the weekly chart for this pair today and go right to the daily chart. This pair is also looking bullish to me but the GBP is not the strongest currency at the moment.

Starting out with a brief glance at the weekly chart for this pair I can see that we did bounce off the 50.0 fib and the stochastic is in the oversold zone. Moving over to the daily chart it has a bullish look about it since the 5 ema has crossed above the 13 and is crossing the 21 ema, stochastics is still in the trade zone but near the top I need to note and price has in fact busted the descending trend line I have been speaking about since last week.

I really don't like to sound redundant, I don't like repeating myself too much but I just cannot seem to keep repeating the similarity between this pair and the EUR/USD. It is no secret that the correlation between the two pairs has always been rather strong.

This pair continues to make headway from its recent double bottom. On the weekly, the stochastics is in the oversold zone prepping to cross up and on the daily chart the stochastics has already crossed up.

This pair is looking very bullish at first glance. Starting out with the weekly chart I see that price has bounced off the fib zone of the recent move up.

I will skip the weekly chart for this pair once again. The weekly doesn't really tell me anything new. As I have said before, this pair looks just like the EUR/USD and it should because they are very closely correlated.

Looking at this pair I see that we had a slight bearish reaction. Price obviously bounced off the upper Bollinger Band and reacted to the fib zone we are in. Looking at the daily chart I see the new daily candle bouncing off the 21 ema which also happens to be a bullish fib zone.

Well, as it turns out, the descending trend line for the EUR/CHF weekly chart I spoke about yesterday in my analysis did not break. That does not mean it will not break, just means there was a reaction and a bounce line that has already been tested three times is not uncommon and in fact, expected.

See how one trader executed profitable trades for GBP/USD and EUR/JPY based on today's technical analysis.

EUR-JPY signal based upon Ichimoku principles.  Find your entry and stop loss now.  Good for several days...but why wait?

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My analysis for the EUR/GBP resulted in GBP strength and my analysis on the USD/CHF resulted in USD weakness for today only for reasons of imminent pull backs to the daily 5 ema so I start out my bias as bullish for this pair.

This pair continues to look almost identical to the EUR/USD. Just glancing at the USD/JPY I see it is very range bound which explains the close correlation between the EUR/USD and EUR/JPY.