Forex Daily Forecast, Analysis and Prediction

Yesterday the Swissy took a dive. As with the other pairs, yesterday's big move was mostly fueled by the ECB and had very little to do with technical analysis. Technically, I had no doubts price would fall and I mentioned that in my analysis yesterday.

Currency: EUR/USD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading.

Today the North American markets saw their biggest gains in 2.5 years, all due to a decision from 6 major banks in an effort to prop up the world economy...and the 6 'cousins' are all correlating in the right ways for further movement.

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The investors are waiting for the flow of employment data that starts today and ends on Friday with the unemployment rate

The action by several central banks on Wednesday to lower the borrowing rates for Dollars has boosted several of the “risk on” trades in the global currency markets.

The EUR/JPY open and spiked a bit to the 38.2 fib of the recent swing down and it was overlapped with the daily 13 ema and all this was enough to send price downward. On the 4 hour time frame price is below the ema's and the 5 ema is crossing below the 13 ema so price is surely heading downward.

I start my analysis for this pair briefly with the weekly time frame which i would like to point out that yesterday's high brought price up to nearly the weekly 5 ema which caused a push to the downside. At the same time the weekly 5 ema was nearly touched the daily 13 ema was touched then price fell a bit and settled.

Up until recently I keep mentioning the .9300 level of the Swissy would be reached and only to be rejected, which it was since it was so obviously a double top on the daily charts.

Taking a brief look at the weekly time frame for the EUR/USD it is obvious that price is spaced away from the 5 ema. Most of the time, price needs to make contact with the 5 ema to continue along on its trend. The 5 ema gives price the fuel it needs to travel.

I will begin my analysis today for the EUR/GBP taking a quick look at the weekly time frame. The weekly is very interesting to me since price is currently caught precisely in between the weekly 5 ema and the 144 ema.

The USD/CHF pair has been quietly gaining as the rest of the world watches the EUR/USD pair. The drama coming out of Europe continues to grab all of the headlines, and as a result most of the attention.

The Euro/Usd is currently trading right on the weekly pivot point at 1.3330 and has pushed into, but not closed above the daily support/resistance zone of 1.3400.

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Currency: EUR/USD Trend Expected Direction: Down Strategy: Weekly Ichimoku Kinko and Hourly Elliott Waves and Fibonacci Trading