Forex Daily Forecast, Analysis and Prediction

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If it weren't for the fact that this pair is so closely correlated with the EUR/USD I could be kind of lost tonight but it is closely correlated and since the EUR/USD appears to be bullish to me and the USD/JPY is range bound I will maintain a bullish bias on this pair today.

For this pair today I will start out taking a quick look at the weekly chart which has a mixed look to itself. On the weekly, price has been range bound.

Analyzing this pair today and looking at the weekly chart I see that we are in the midst of a fib war. Price seems to be trapped in between a 50.0 fib of the last move up and a 50.0 fib of the recent swing down.

Read a weekly prediction for EUR/USD based on Ichimoku Kinko principles and chart patterns, detailed and explained by a Forex expert.

Looks as though the EUR/CHF is struggling to break the descending trend line above it. On the daily chart the 5 ema seems to be rolling over and all the ema's are very close to each other as well as the stochastics in the overbought zone.

Yesterday I wrote about the Loonie's weekly chart, predicting it would pull back to the 1.0175 level, which it has and then some. This may be a pull-back, but considering traders aversion to holding European currencies right now, the Greenback is making gains and might continue to do so.

A correction of yesterday's EUR/USD signal, which should help you hone in on the upcoming potential for profit.

Looking at the Swissy weekly chart it appears the fib level between the 38.2 and 50.0 has held up and that price is rolling over to the downside. and has already fallen below the 55 ema with a stochastics in the overbought zone.

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Taking a quick peek at the weekly chart price is in between the 5 and 13 ema. This could cause some range bound action. Moving on to the daily chart price has reached a 38.2 fib zone of the recent move down and up against a 55 ema.

Starting out with the weekly chart I see that this week starts out just below the descending trend line and just below the 13 and 55 ema which have no angle or separation and therefore no power behind them.

Starting out with the weekly chart this week's starts out with price up against the 13 ema overlapped with a 38.2 fib of the recent swing down. Moving over to the daily chart price has been riding the 5 ema but is approaching a 61.8 on the recent daily swing down and almost touching the upper Bollinger band with a stochastics in the overbought zone.

I start out looking at the EUR/CHF, it is a new week of course and we are just up against the descending trend line we have been stuck at for the past couple weeks. This trend line seems to be holding since it is overlapped by a fib level between 61.8 and 78.6 as well as a 55 ema and the stochastics is in the overbought zone based on the weekly chart.

Starting out with the weekly chart, last week price came close to a 50.0 fib then dropped the entire week. The stochastics is still in the overbought zone so further decline is expected.