Forex Daily Forecast, Analysis and Prediction

The GBP/USD is just above the 78.6 fib level of the last move up. As I have said in the past the 78.6 fib level is very significant.

EUR/JPY began its day just on the 78.6 fib level to the upside based on the daily timeframe.

The EUR/USD took quite a dive yesterday as I had predicted. Price open just below the 13 ema yesterday.

ABC wave in progress as shown. Wave position after it broke 1.3420 level is at end of iii.

Beginning my analysis for this pair on the daily time frame it is easy to see that price has been coasting down along the daily 5 ema. Price is however approaching the 78.6 fib to the upside at 103.09 and some type of reaction should be expected at that level.

The GBP/USD starts off today as it did yesterday on the 61.8 fib of the recent move up at 1.5612 This is a very bullish fib level, however, the position of the ema's is very bearish for the pair. Price is riding the 5 ema to the downside and the lower Bollinger band is wide open pointing straight down.

On the weekly time frame this pair is sitting on a support line that does not want to be broken. It has been pierced a couple times but no candle closes below the line. This is a crucial area because something has got to give sooner or later.

So far this week and on the weekly time frame the EUR/GBP made a 50.0 swing fib to the downside that was overlapped with the weekly 13 ema and of course price was pushed downward as expected.

I will begin my analysis for the Swissy on the daily time frame. The daily 5 ema seems to be rolling over a bit and now has very little angle and separation between it and the 13 ema, however, price is still above the 13 ema so this pair is still in upside mode.

The Sterling has been falling for 6 of the past 8 days after consolidating above the 1.5950 level for 2 weeks. Now we are sitting on a Support zone at 1.5575 could see price stop and reverse, or break through and possibly re-test the previous low of 1.5272 in the weeks ahead.

The EUR/USD has fallen quite precipitously over the last few weeks, only to slam into the 1.35 level. The area is offering support and is frustrating the bears as the pair simply will not give in at this level.

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The Japanese Yen is not impressed by the everything that is going on in the financial markets and it keeps strengthening. If the BOJ does not interfere soon, the investors might take the JPY to the level of 75.5 again.

When looking at the weekly time frame for this pair it appears that price has bounced above from support. On the daily time frame price is in the zone between the 61.8 and 78.6 fib zone to the upside and the stochastics is in the oversold zone.

I begin my analysis for this pair starting with the daily time frame which may be bouncing up off the 61.8 fib of the recent swing up at around 1.5612 The stochastics is in the oversold zone and price is spaced away from the 5 ema and should rise up to it.