Forex Daily Forecast, Analysis and Prediction

The Greenback is extending its gains against its northern cousin, the Loonie. A few hours before the open of the London session we see that price on the USD/CAD has broken through resistance at 1.0487/1.0500 and looks strong.

The GBP/CAD Daily Chart appears to be forming a head & shoulders formation, indicating that price could drop soon.

To buy once trend comes closer to or touch 103.850 price point 0.618 Fib level.

Today's daily EUR/USD chart has given us a great bearish continuation formation. Price action hit a high of 1.3690 before falling and closing below the resistance level (1.3649).

For this analysis i will skip the weekly chart today and go straight to the daily. It appears that yesterday as well as the day before there had been buying pressure at the 50.0 fib level of the previous move up.

Today with the EUR/JPY pair I start out with the daily chart and I notice it looks a lot like the EUR/USD pair, but then again, the correlation between the two said pairs has always been strong.

Finally, it appears the USD/CHF is beginning to roll over a bit. On the weekly price is bouncing off the 55 and upper Bollinger Band and the stochastic is in the overbought zone.

Price has recently come off of a daily bottom noticeable on the weekly chart and it does look like price want to fib from its recent large move down. So far we are just above the 21.4 fib level but I expect price to head to at least the 38.2 fib level which is almost 200 pips above so I think this pair has a ways to go so I remain very bullish on this pair at the moment.

There are ema crossovers taking place which makes this pair look bullish but a visit back to the ema's is what may be needed for this pair to continue up.

Looking at the 4-hour chart for the AUD/USD we see that price moved as high as 0.99827 during the North American session, but has since retreated somewhat with the past 2 4-hour candles being bearish.

AUD/USD signal based upon Ichimoku Kinko principles. Action may take 1-2 days, but you can find your entrance now.

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

As we determined when looking at the EUR/GBP pair the GBP appears to be the stronger currency. On the weekly chart I see what does appear to be price bouncing off what does appear to be a double bottom off of support.

This pair continues to look bearish, yesterday the daily candle bounced off the lower Bollinger band, moved up to the daily 5 then was pushed back down just a bit and closed red.

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.