Forex Daily Forecast, Analysis and Prediction

Euro/Dollar decreasing movement continued yesterday with nearly 200 pips. The currency couple broke the key support level 1.3860, reaching a bottom at 1.3808, closing the day at 1.3897.

EURUSD is testing the support of the lower border of the rising price channel on 4-hour chart. A clear break below the channel support will signal deeper decline to test 1.3793 key support.

Euro/Dollar reached a top at 1.4226 on Friday, than collapsed down to 1.3937, as expected. On the 1 hour chart is seen that further downward correction has been rejected around the key 1.3925 support level.

AUDUSD stays above the rising trend line on daily chart and remains in uptrend from 0.6284. The pullback from 0.8263 is more likely consolidation of uptrend.

EURUSD pulls back from the upper border of the rising price channel, suggesting that a sort term cycle top is being formed at 1.4338 level on 4-hour chart. Sideways consolidation in a range between 1.3950 and 1.4338 is expected in a couple of days.

Euro/Dollar yesterday reached a top at 1.4329, from where it collapsed down to 1.4112, closing the day at 1.4302. The CCI indicator is in the overbought zone on the 1 and 4 hour chart, suggesting possible descending pressure.

USDCAD continues in range trading between 1.0784 and 1.0971. The price action in the trading range is treated as consolidation of the downtrend from 1.1814.

Euro/Dollar attempted to rise yesterday. The currency couple first declined as expected down to the 1.4104 bottom, than rose, hitting the long term target 1.4270, made a top at 1.4329, closing at 1.4302.

USDCAD’s downtrend from 1.1814 extends to as low as 1.0784. Sideways consolidation is expected in a couple of days and rebound to test the resistance of the falling trend line from 1.1814 to 1.1257 would more likely be seen.

Euro/Dollar continued their rising scenario yesterday. On the 4 hour chart it is seen how after the break up of the key resistance at 1.4170, the currency couple reached a peak at 1.4242 and closed at 1.4159.

After range trading between 1.0800 and 1.0953, the USD/CHF dropped sharply from the 1.0953 level. This suggests that a short term cycle top had been formed at 1.0953 level on the 4-hour chart and the downtrend from 1.1740 has resumed.

After the downwards movement of last week, the Euro/Dollar began climbing. This upward trend began on Thursday. It is not surprising as the long term prospects remain bullish.

AUDUSD remains in bullish movement and the uptrend from 0.6284 extends to as high as 0.8014 level. Further rally is still possible next week and target would be at 0.8200-0.8300 area.

GBPUSD breaks below the lower border of the rising price channel on 4-hour chart and reaches 1.5777 level only.

Yesterday Euro/Dollar continued the downward correction, reaching a bottom at 1.3863, and closing the day higher at 1.3984. This is a normal correction after the considerable bullish momentum last week.