Forex Daily Forecast, Analysis and Prediction

The EUR/USD is basically the opposite of the USD/CHF. They are reciprocals of each other. Looking at the weekly chart it is obvious that this pair has been very bearish but this week's weekly candle is precisely bouncing off the 50.0 fib level of the recent move up as did last week's weekly candle.

This pair maintains bullish. Starting with the weekly the price seems to be riding the 5 ema and the 5 ema has crossed above the 13 and 21 and the upper Bollinger band is open and pointing up giving price permission to continue upward.

I start my analysis on this pair looking at the EUR/CHF. As always, I want to determine relative strength. On the weekly chart the EUR/CHF looks bullish base on ema's.

Towards the end of the Pacific session and heading towards the London opening we see that the Kiwi (NZD/USD) seems to have found some support from the bulls.

Based on Doug’s analysis of the USD/CHF, the strength of the USD creates an investment opportunity in the following positions: “High” or “Above”, “Touch” or “No Touch Down” on the USD/CHF.

On the daily chart we made our pullback came close to the daily 5 then dropped a bit but looks like it wants to move back up and touch the 5 again before dropping further. Price is still riding the daily 5 ema.

On the weekly it is riding the 5 ema downward, on the daily the 21 ema seems to have been in control the 4 hour 5 ema is sharply crossing below the other ema's as well as with the hourly and 15 minute so the USD/JPY is no doubt bearish which means we have a strong JPY and a weak USD.

In my analysis for the EUR/GBP I point out it looks bearish which means EUR weakness and in my USD/CHF I point out a bullish bias which means USD strength so a weak EUR and a strong USD means a bearish EUR/USD.

This pair kicks off the new trade week looking quite bullish to me. On the weekly chart price starts out above the 55 ema with an upper Bollinger Band opening up. The 5 ema has crossed above the 21 and 13 and the 13 is prepping to cross the 21.

The bulls are trying to break through he resistance at 1.035 while getting support from below at 1.024.

This new trading week begins with what appears as a heavy EUR/GBP. I start out my analysis as usual taking a look at the EUR/CHF and I see that it is up against the daily 233 ema, a very strong area of resistance.

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