Forex Daily Forecast, Analysis and Prediction

The Euro has been one of the best performing currencies recently. While the EUR-USD pair gets most attention, the common currency has appreciated substantially on broad bases.

Start of the week turned out to be rather directionless for most currencies. If anything, the moves went in opposite direction to the main trends, but nothing big, something that can be qualified as a “noise”.

During the last few weeks, the EUR-GBP pair made substantial gains, appreciating from 0.8067 to 0.8804. It is a big move and it seems that a bull market is in force.

As a leading Forex portal, DailyForex often receives free Forex signals from our readers. Many traders speak of their Forex success but only few tend to share their tips, advice, and pointers with the rest.

Possible reversal for USD-CAD. The Canadian Dollar had another big day on Wednesday, especially in relation to the US Dollar.

On Tuesday, the NZD-USD came within few pips to 0.7500, which is a very important psychological level here. Not only because of a round number, but it also happens to be the highest level in 2010, a new yearly high.

The EUR-CHF pair spent most of September pulling away from the all time low 1.2765 established earlier that month. This move turned out to be a good size rally, reaching 1.3465, forming a clear uptrend on the intermediate term time frame.

The US Dollar has been under pressure against most other currencies. It lost a lot of ground to the Euro and the Australian Dollar. By comparison, the British Pound has been less robust recently, which is clearly reflected on the daily chart of the USD-GBP.

The EUR-USD has surprised many with its strong uptrend. After reaching a low of 1.1875, in early June, it advanced to 1.3680 recently and the trend looks intact. Now the question is – how much higher can it get?

In line with the general strength in the Australian Dollar, the AUD/JPY pair appreciated about 800 pips since the mid-August. Recently, however, this advance stalled and the price settled in sideways pattern, with a ceiling at 81.50.

On Tuesday, the USD/CHF continued its sell off, reaching as low as 0.9735. Interestingly, that was reported in numerous media outlets as the all time low. Not far from the truth, but this happens to be an error. The all time low in this pair is 0.9635, established March 2008.

Monday turned out to be a very quiet day for currencies. At least by comparison, to the last couple of weeks. One of the best examples of just how lifeless markets became is the GBP/USD.

The Euro has staged a good size rally recently. Not a narrow one, limited to just one pair, but rather across the board, showing against most of the major currencies. This includes the EUR/CAD cross, which advanced about 800 pips during the last two weeks.

There is a possibility of a double bottom chart pattern in GBP/CHF. A confirmation is needed, preferably a strong bullish candlestick formation. On the other hand, a decisive close under the 1.5375 previous low, would make the double bottom invalid.

GBP/USD (Cable) is still keeping up once again its range, today it has already tried the 1.5705 top 3 times and it seems that this resistance is holding well the pair within the range.