Forex Daily Forecast, Analysis and Prediction

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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.

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The Loonie continued to take back some of its losses against its Yankee counterpart to the south last week. The weekly charts hows the progress crystal clear with a bearish power bar spanning .2957 pips...or almost 3 cents.

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Normally, I would look at this pair and think it was bearish. But even in a bullish market bearish conditions will always exist. In uptrend's we will have retracements to the downside.

I am going to skip the weekly chart today since it is no different than yesterday and go straight to the daily.

As always, I begin my analysis with this pair examining the EUR/CHF and I start out with he weekly chart. We are still just below the descending trend line I have been speaking about everyday this week.

GBP/USD pair has been trapped in the same 100 pip zone for the last few weeks and just cannot seem to make a decision.