Forex Daily Forecast, Analysis and Prediction

Yesterday the Swissy made an intense move. I forecasted this move based on my technicals but the move was motivated by the Eurozone debt crisis, that the rescue fund was forced to buy back their own debt.

The GBP/USD pair has started to fall apart as traders have broken through the bottom of duel hammers on the weekly chart, which shows a real failure of support at this point.

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The EUR/JPY looks incredibly bearish to me. With this pair I could not consider anything but a bearish bias. On the weekly time frame price is riding below the ema's very smoothly and the lower Bollinger band wants to cross down.

Yesterday was an incredibly bearish day for the GBP/USD. I guess the crowd realized they were not going to break the 61.8 fib level and the market just tanked.

No matter how I look at this pair, I can't think of anything but bearish. On both the weekly and daily time frames price is clearly below the ema's and on the daily time frame price has been very gracefully riding down along the ema's.

A few weeks ago after price reacted to the 50.0 fib level of its previous move down on the weekly time frame and bounced down the Swissy made a reverse fib almost to the 38.2 level and it seems like it will keep going back to the upside and will not pause before it reached that 50.0 fib level once again.

Yesterday this pair retraced up to the 13 ema and dropped. On the daily time frame price is currently touching the 5 ema and the lower Bollinger band is pointing down as is the upper band as well. Price is now touching the 5 ema.

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I will start out my analysis today on the daily chart. The weekly time frame just isn't telling me much today. On the daily time frame price has made 3 taps of the upper resistance line I have drawn and the stochastics is pointing down.

A technical glance at the daily chart for USD/CHF using Ichimoku Kinko Hyo averages, we can notice that trend had touched Senkou span A 26 days (Green Moving Average) and bounced crossing Kijun-Sen (Red) just above Kumo (Cloud) which indicate a positive move in a trend following system.

This pair looks a little strange to me today and only because it looks bearish on the weekly chart but the Swissy also looks bearish and the correlation between the two pairs is usually opposite so I will watch this pair very carefully.

It appears that for the last couple weeks the GBP has been overcoming the EUR. This pair has recently broken some trend lines and support.

This pair begins its new week below the 5 ema on the weekly time frame. The trend to the downside looks strong. Each of the ema's are in sync with each other and in their respective numerical order in regards to the downtrend.

For all practical purposes, the Swissy is looking bearish to me. Mostly because it has a lot of resistance it its way. Beginning my analysis with the weekly time frame I can see we have been in the same fib zone for a several weeks now.