Forex Daily Forecast, Analysis and Prediction

See how a trader turned today's Forex technical analysis into profitable trades on a binary options platform.

As with all the pairs I have analyzed there was very little price action and for a pair that averages 100 - 120 pips a day and even more at times this pair only did 29 pips but that's not so much due to lack of volatility as it was a Bank Holiday pretty much throughout most of the world.

The GBPUSD had an interesting day yesterday strange enough. Considering Christmas and the fact that yesterday was a Bank Holiday I really didn't expect too much movement for this pair yesterday as there was very little moment amongst several other pairs and any movement was purely incidental, the GBP/USD still managed to move 62 pips and the GBP/CHF moved 67 pips.

In my analysis for the Swissy I was bullish, so naturally for the EUR/USD I am bearish. Of course, for this pair to fall down it will have to rise a bit more.

Yesterday was an expectedly slow day for this pair due to the Christmas Holiday and of course Monday was a Bank Holiday for most of the world. Yesterday's range was only 33 pips.

Yesterday's range for the EUR/GBP was only 27 pips, but hopefully things will be changing as today's trading progresses. Get the full analysis here.

One trader manage to profit on a binary options platform

The EUR/JPY opens its new weekly candle just below the weekly 5 ema but far enough below that I think price will need to drift up a bit to it then continue its way down. The weekly 5 ema is at 102.51, the daily 21 ema is at 102.65 and the 38.2 fib of the recent swing down is at 102.82

The GBP/USD begins its new week right on the 5 ema. The stochastics is pointing up and I don't believe this pair is done rising. On the daily timeframe the stochastics is rising and pointing up and price is above the ema's.

The new weekly candle for the EUR/USD opens up around 120 pips below the weekly 5 ema. As I have stated time and time again and have been proven correct every single time, price needs to make its way back up to the 5 ema at least just to tap it.

The EUR/GBP starts out the new week in what I refer to as 'No Man's Land.' This means price is not up against resistance or down against support but in the middle. Of course, this is based on the weekly timeframe.

For the sixth week in a row the Swissy weekly candle opens nearly at but a bit below the 50.0 fib of the last move down around .9400 This is obviously a very, very important level. It has been breached on the weekly timeframe but we have not had a weekly candle close above that level.

EUR/USD spent most of the previous week trying to rally, but there simply wasn’t enough steam to hold onto gains. The 1.30 level continues to be very supportive, but the last several days have seen shooting stars form after rallies continue to fail.

As the last of the mince pies get eaten and new holes made in an already overworked belt, it’s time to put the last quarter’s volatile trading period behind us and look forward to a prosperous New Year.

Just like a few other pairs the GBP/USD daily candle was a Doji. It moved a total of 80 pips yesterday but the open and close were only 7 pips apart.