Forex Daily Forecast, Analysis and Prediction

While the Swiss Bank was intervening in the swissy today, the EUR/GBP pair was finding support at the daily zone of 0.8750 give or take a few pips. The daily candle was 'only' 88 pips in comparison to the USD/CHF which was about 1000 pips, but it is relevant all the same due to the fact that it completely engulfed the prior 2 daily candles, retraced about 50% and still closed up by about 35 pips.

The eurjpy continues to look perfectly bearish. There is absolutely no reason to considering anything but short positions with this pair. This pair is gracefully riding the ema's on all time frames from the weekly all the way down to the 1 minute.

The eurgbp continues to look bearish. Price is below the ema's with ema crossovers on the daily with the exception of a small 233 ema bounce, the daily stochastics is within the trade zone heading downward.

This currency pair continues to look extremely bearish. On the daily we have open bollinger bands and are still within the bands and we have broken the 233 ema.

The eurusd is currently at support over several timeframes. On the daily we broke the 233 ema, we are slightly outside of the bollinger band and stochastics is within the oversold zone.

From a strictly technical point of view the pair known to some as the 'Pacific Peso' or Aussie is clearly bearish on a daily candle chart. We have both closed and opened under the moving average as well as closing and opening below a major support zone at 1.0560, with support at 1.0500 below us.

The Australian dollar has many different hats that it wears these days, and as such the currency can act differently than “usual” at times. While it is often thought of as a “risk on” type of trade, you sometimes have to look at the gold markets in order to understand what could be driving the Aussie in the first place.

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If the Greenback gets some support from the previously mentioned announcements today, we could see the Euro reverse. If price breaks back above 1.4300 and holds above it we may return the reins to the bulls. However I wouldn't consider this pair to BE bullish again until we break and hold above 1.4500 which is a major resistance zone for the pair.

Price has traded as low as 0.9926 in the last 3 weeks but has pretty much been run by the bulls since hitting that low.

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If the Swissy continues its recent bullish trend, we can expect to encounter major resistance at 0.8650 and 0.9350 above that, should it turn bearish and break the support zone at 0.7850 we will most likely be aiming for a wick-fill and can expect to encounter major support at the previous low of 0.7067.

Two weeks ago we saw a 450 point bearish long shadow aka an inverted hammer on the EUR/AUD closing just above the support zone at 1.3800. The pair has remained bearish however only closing above its daily opening price 5 times since August 08, 2011.

Last week, the U.S. Dollar failed at 9,535, bringing forth the possibility (again) that the larger trend remains down towards fresh lows below the 1st August low at 9,326. At Friday's close, price was testing the trendline drawn from the said low and notably, the 20 and 50 SMA’s are still lined up on the bearish side.