Forex Daily Forecast, Analysis and Prediction

USD looks stronger than ever. Looking at this pair on the weekly chart the USD looks very bullish.

EUR/JPY pair continues to look very similar to the EUR/USD and of course it would since both pairs are highly correlated with each other.

GBP/USD pair is looking as bearish as ever. We recently pierced the support line price has been hovering off of which means there will not be a double bottom.

The Euro gained some ground against the Greenback again today after finding support a few days ago at 1.3150.  This is so far being confirmed by the monthly candle.

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As always, I start out my analysis for the EUR/GBP taking a quick look at the EUR/CHF to determine the strength of the EUR.

This pair looks exactly like the EUR/USD  On the weekly this pair has been gracefully riding the 5 ema down also on the hourly with the 13 and 21 stepping in at times.

EUR/USD pair, as bearish as it has been has strayed too far from its weekly 5 ema and is too far below the lower Bollinger Band it is time for this pair to retrace a bit before it can continue down.

Observing USD/CHF pair, it is obviously very bullish.  Upper Bollinger band is wide open pointing up on the weekly chart, price is riding the 5 ema and has broken the 55 ema.

We have the BoE Interest Rate decision being released as well as the ECB's decision on Interest Rates today, and as such we could potentially see some big movement...but I doubt we will. So, what's next?

Will it bouch or will it break? Moving over to the 4 hour chart it is obvious that the 21 ema has been in control the very most.

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Well, it looks like this pair finally made the double bottom I was expecting at 1.5350 area then spiked back up and touched the daily 5 ema. At this point I will watch this pair very carefully to see what happens next.

The correlation between this pair and the EUR/USD is very strong and therefore both pairs as well as their charts are looking very similar to me. On the daily chart price has come back up and has kissed the daily 5 ema and now price has permission to continue it's bearish move to the downside.