Forex Daily Forecast, Analysis and Prediction

Summer is over, so that means trading should be back in full swing. Get the latest on the major pairs and see what our expert trader predicts for the coming week.

The GBP/USD closed the week above the 62 Week Moving Average again, maintaining its mildly bullish momentum for another week and re-entering the range between 1.5800 & 1.6000 that held it captive for several months in early 2012.

EUR/USD had an interesting session on Friday as it rallied fairly significantly, based upon the words of Federal Reserve Chairman Ben Bernanke at the Jackson Hole, Wyoming central bankers meeting.

GBP/CHF fell during the session on Friday but bounced in order to form a hammer. This hammer is very interesting to me as it is on the uptrend line of a big up trending channel that we've been in for some time.

EUR/GBP is one of the most interesting Forex pairs at the moment as far as I am concerned. This is mainly because the Euro has been rallying so well against the US dollar, even though the fundamentals don't necessarily call for it.

The AUD/USD pair has closed below the 62 day moving average on a daily chart, and has now retraced 76.4% of price action since July 24. The close below the 62 Day EMA is substantial as it can be seen as confirmation of a longer term trend.

EUR/USD had a negative session on Thursday, as the market sold off risk related assets in general. However, we are still above the 1.25 level and this does bode at least somewhat well for the Euro.

The AUD/USD pair fell significantly during the Thursday session, and even managed to close below the 1.03 level which I had as significant support.

USD/CAD rose during the Thursday session as the market continues to look rather supportive. The oil markets fell slightly, and as such it looks like the Canadian dollar is due for a little bit of a pullback in its strength.

According to the analysis of the GBP/USD and EUR/USD trader profited on a binary options platform.

The EUR/USD pair pulled back during the Wednesday session as the Euro continues to consolidate right around the 1.25 level. This area is the beginning of massive resistance All the way to the 1.27 level, and as such it does look like the next 200 pips will be much more difficult than the last 200.

GBP/USD had a very volatile session on Wednesday as the markets simply went nowhere in the end. At the close, we were fairly unchanged and it appears that the market is currently waiting.

NZD/USD fell on Wednesday as the pair fell down to the 0.80 support level. The area is obviously a major number for the markets, and as such it's no surprise that this level offered a bit of support.

The AUD/CHF has broken a key support level at 0.9950 and entered a Technical Vacuum, well below the 62 Day Moving Average at 1.0003 . The pair has been trending lower since making a new four and a half year high on August 02 of 1.0348.

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