Forex Daily Forecast, Analysis and Prediction

From the looks at the hourly chart for today it still looks like there will be support in the EUR/USD pair at around the 1.3857 area. There is already a double bottom there and if it can continue to hold, the bull move might not be over.

Like many other currencies, the New Zealand Dollar has appreciated strongly against the US Dollar in 2010. It rallied from 0.6560 in May to 0.7640 in recent days.

At the beginning of September, the EUR-CHF made an all time low of one 1.2765. Since then, it had been in a steady, if slow at times, uptrend, reaching as high as 1.3532 on Thursday.

Earlier this week, the US Dollar mounted a broad rally against all other currencies. It lasted coupled of days and gained few hundred pips in most cases

In recent days, the GBP-AUD slowed its decent to some degree. This pair has made an all time low at 1.5960, fueled by the seemingly unstoppable strength in the Australian dollar and lack of good news for the Pound. However, that trend could be changing.

Is EUR-USD forming a top? It has been a very nice rally for the EUR-USD. Since August, this pair has progressed from 1.2670 to just under 1.4100 last week or over 1400 pips in less than two months.

CAD-JPY could re-test 78.40. A lot has been made recently about the Canadian Dollar reaching parity with the US Dollar. Upon closer inspection, however, that has more a result of a weakness in the USD than a genuine strength in the CAD.

While everybody is focused on new all time lows made by the US Dollar against other currencies, the GBP-CHF has also reached a new price extreme. It has been slipping in a steady, not very dramatic, downtrend all the way to 1.5090.

Currencies are in very strong trends, with the US Dollar falling sharply. It has broken through the parity level with the Swiss Franc and now seems destined to repeat it against “the other dollars”.

The Euro has been one of the best performing currencies recently. While the EUR-USD pair gets most attention, the common currency has appreciated substantially on broad bases.

Start of the week turned out to be rather directionless for most currencies. If anything, the moves went in opposite direction to the main trends, but nothing big, something that can be qualified as a “noise”.

During the last few weeks, the EUR-GBP pair made substantial gains, appreciating from 0.8067 to 0.8804. It is a big move and it seems that a bull market is in force.

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Possible reversal for USD-CAD. The Canadian Dollar had another big day on Wednesday, especially in relation to the US Dollar.

On Tuesday, the NZD-USD came within few pips to 0.7500, which is a very important psychological level here. Not only because of a round number, but it also happens to be the highest level in 2010, a new yearly high.