Forex Daily Forecast, Analysis and Prediction

This pair continues to make headway from its recent double bottom. On the weekly, the stochastics is in the oversold zone prepping to cross up and on the daily chart the stochastics has already crossed up.

This pair is looking very bullish at first glance. Starting out with the weekly chart I see that price has bounced off the fib zone of the recent move up.

I will skip the weekly chart for this pair once again. The weekly doesn't really tell me anything new. As I have said before, this pair looks just like the EUR/USD and it should because they are very closely correlated.

Looking at this pair I see that we had a slight bearish reaction. Price obviously bounced off the upper Bollinger Band and reacted to the fib zone we are in. Looking at the daily chart I see the new daily candle bouncing off the 21 ema which also happens to be a bullish fib zone.

Well, as it turns out, the descending trend line for the EUR/CHF weekly chart I spoke about yesterday in my analysis did not break. That does not mean it will not break, just means there was a reaction and a bounce line that has already been tested three times is not uncommon and in fact, expected.

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My analysis for the EUR/GBP resulted in GBP strength and my analysis on the USD/CHF resulted in USD weakness for today only for reasons of imminent pull backs to the daily 5 ema so I start out my bias as bullish for this pair.

This pair continues to look almost identical to the EUR/USD. Just glancing at the USD/JPY I see it is very range bound which explains the close correlation between the EUR/USD and EUR/JPY.

We notice a double bottom at ABC ZigZag correction which indicate an upward movement on our way. Get the whole weekly technical analysis for this pair here.

The USD has been extremely strong for well over a month now. This pair has been bullish. Looking at the weekly chart I still see bullishness, but I also see that price is a ways from the 5 ema and needs to reconnect with it before it can continue to the upside.

I already have a bearish bias on the EUR which means I am bullish on the EUR/USD. Starting out with the weekly chart I see we are lifting off from the 50.0 fib level of the move up.

Looking at weekly Ichimoku Chart, we can notice that trend has entered the Cloud (Kumo) which tells us that we are going into a correction wave that makes me expect Zigzag, Flat, or combinations before trend leaves the Cloud into another major trend either upward or downward.

Starting out with the weekly chart it looks bearish off the bat. Price is approaching the 5 ema and for sure there will be a bearish reaction forcing price down adding to GBP strength. Get the full analysis here.