Forex Daily Forecast, Analysis and Prediction

The EUR/USD pair bounced a bit on Monday as traders came back in full force for the year. The Non-Farm Payroll report on the first Friday of the month always makes for a low volume affair, and as it was on the 6th of January, many people think that a lot of the traders simply waited until Monday to start trading for the year.

The USD/CAD pair quite strongly during the Monday session as the Dollar was hit on all fronts. The oil markets printed a nice hammer to suggest strength, and this in turn will always produce demand for the Canadian currency.

Few currencies at the moment have more toxicity attached to them as the Euro. In fact, there are only two that come to mind: The South African Rand and the Hungarian Forint. This puts things into perspective on just how bad things have gotten for the common currency.

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The Swissy appears to have found some resistance at yesterday's close of 0.9550 after reaching as high as 0.9594 before falling 100 pips to close well below yesterday's open and closing the day at 0.9494.

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The EUR/USD fell again on Friday as the Non-Farm Payroll report came out better than expected. This showed a nice contrast to the situation in Europe as the situation over there continues to get worse.

The CAD/JPY pair fell on Friday as the oil markets slowed down. The pair can often follow the crude markets, and as those markets are looking a bit stagnant, this pair has the ability to fall. It is a matter of simple supply and demand most of the time, as the Canadians export oil, and the Japanese import 100% of their oil.

AUD/USD fell on Friday as the Dollar continues to pick up steam. The pair has recently seen a surge as the Aussie has enjoyed a bit of a safety status as it offers a bit of yield in a world that has little.

The Pacific Peso or AUD/USD is sitting on a weekly Support/Resistance zone at 1.0152 after closing last week with a potential reversal candle that broke the next resistance zone at 1.0383 by only 3 pips and then fell to its current level of 1.0155 (at time of writing).

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GBP/USD fell during the session on Thursday as the consolidation area continues to contain moves by cable. The pair has been stuck between the 1.58 and 1.54 levels over the several weeks, and looks set to respect those areas going forward.