Forex Daily Forecast, Analysis and Prediction

The EUR/JPY has been dropping all week and considering how weak the EUR is as of lately and the fact the JPY seems to be stronger than the USD.

The EUR/USD has been dropping for three straight days, I don't expect today to be any different.

The Swissy continues to keep climbing up and up but I think this up move will soon be deterred by a strong resistance area at .9314 .

The 1.35 level in the EUR/USD has been a sort of “line in the sand” for Euro bulls that continually come in at this level to support this pair. The pair keeps finding itself under serious pressure, but the 1.35 level continues to fight.

The Loonie is stuck between a rock & a hard place...so to speak. Price has tried to push through a weekly resistance zone at 1.025 .

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The Kiwi continues to fall after re-testing the resistance zone of 0.7870 last week. We have broken, & closed below a support zone at 0.7750 and could possibly be heading for a re-test of the 0.7525 level seen in early October.

The GBP/USD is tanking just like all the major pairs. On the daily time frame we are at fib levels to the upside and such fib levels may in fact cause bounces that could very well give up opportunities to short this pair.

Yesterday the EUR/USD tanked. This of course had nothing to do with the USD but everything to do with the EUR. I have mentioned this in my analysis on the other pairs, regarding the Eurozone Debt Crisis.

As with the other pairs associated with the EUR this pair is also tanking. This pair continues to be bearish and will keep being bearish until something happens. The idea is to find an entry point to get in on this trade.

In my analysis yesterday I stated that this pair will drop and it did. On the weekly time frame price has crossed below the 144 ema, however, I can already see some retracement conditions developing.

Yesterday the Swissy made an intense move. I forecasted this move based on my technicals but the move was motivated by the Eurozone debt crisis, that the rescue fund was forced to buy back their own debt.

The GBP/USD pair has started to fall apart as traders have broken through the bottom of duel hammers on the weekly chart, which shows a real failure of support at this point.

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The EUR/JPY looks incredibly bearish to me. With this pair I could not consider anything but a bearish bias. On the weekly time frame price is riding below the ema's very smoothly and the lower Bollinger band wants to cross down.