Forex Daily Forecast, Analysis and Prediction

XAU/USD fell for the week but found support at the 1635.50 level. The XAU/USD pair closed higher than opening on Friday as disappointing U.S. consumer confidence data and a proposal from U.S. Speaker of the House of Representatives John Boehner to avoid the fiscal cliff failed to win support from his own party increased the precious metal’s safe-haven appeal.

The EUR/USD pair has been one of the more difficult trades to be involved in until recently. I can give you 100 reasons why the Euro should be falling in value, but evidently there are about 105 why the US dollar should be falling at the same time.

I believe that the USD/JPY pair will be one of the most interesting pairs for the year 2013. Looking at this chart, I see that the 84 level has offered quite a bit of support over the last several sessions, this is especially bullish for me as I saw the 84 level as so resistive.

The NZD/USD pair fell precipitously during the Friday session as the "risk off" trade came back into play. The New Zealand dollar is one of the most sensitive currencies to rest, as it represents an amalgamation of the commodities markets in general.

The holidays this week may slow some trading down but don't let that stop you. Check out the weekly forecast of some of the major Forex pairs here.

The EUR/USD pair attempted to rally during the session on Thursday again, but just as it did on Wednesday it fell short of clearing the 1.33 handle. Looking at this chart, you can see that we've had to shooting stars in a row, and this is normally very bearish signal.

The GBP/USD pair attempted to break above the 1.63 level for the second time in the last two days on Thursday. However, it failed and it shows just how resistive this area is going to be.

The USD/JPY pair fell during much of the session on Thursday, but found the 84 level supportive yet again. The resulting candle was a hammer, and this of course is always bullish when you see it.

XAU/USD (Gold vs. the Greenback) continued its bearish free fall yesterday and hit the lowest level since August 23. Prices fell below the critical support level of 1660 after a report from the Commerce Department showed the U.S. economy grew at a 3.1% annual rate in the third quarter.

Our last EUR/USD wasn't successful, but here's an explanation and a hint of what's to come from our expert Fadi.

XAU/USD continued to slide and closed lower than opening yesterday. This was the lowest settlement price since August 30. XAU/USD has seen quite a selloff lately, as the conditions in the marketplace have dulled the precious metal’s safe-haven appeal.

The EUR/USD pair initially started the Wednesday session or the first half of the day as it gained against pretty much everything in the market. Because of this price action, it looked like we were going to have another massively "risk on" type of trading session like we have seen over the last several days.

The GBP/USD pair initially surged during the trading session on Wednesday, exactly as I would've expected. However, we also ran into trouble at the 1.63 handle which I have been talking about as significant resistance for some time now.

The CAD/CHF pair fell during the majority of the session on Wednesday, as we broke below the 0.92 handle at one point. Because of this action, it looks at first like we were going to continue the run towards the Swiss franc.

The GBP/USD hit a new 6 month high when it touched 1.6306 yesterday, but has not made a new high for 2012 as of yet. The high was set in September at 1.6309 and yesterday's high marks the third time this year we have tested the 1.6300 level of resistance.