Forex Daily Forecast, Analysis and Prediction

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.

On Friday Euro/Dollar continued its upward movement and crossed the 1.4000 psychological level. The currency couple reached a peak at 1.4043 and closed the week at 1.3993.

Being contained by the long term key support at 93.53 (Mar 19 low), USDJPY rebounds from 93.85 level. However, the rise from 93.85 is treated as consolidation of the short term downtrend from 96.69.

EURUSD’s short term uptrend from 1.3423 remains. Further rise towards the upper border of the price channel on 4-hour chart is expected. Pullback would more likely be seen after touching the upper border resistance.

After breaking of the descending channel, the Euro/Dollar reached the target 1.3914, and continued rising, close to the the resistance at 1.3960. Short term signals are rising, while neutral in the medium term.