Forex Daily Forecast, Analysis and Prediction

In spite of negative news coming from Greece almost daily, the Euro managed to stage a good size rally recently. In relation to the US Dollar, the common currency appreciated about 700 pips, from the low of 1.4000 to the latest high of around 1.4700.

Maintaining the minor resistance of 0.8425 has allowed USD-CHF to remain on its trajectory towards 100% projection of 0.9339 to 0.8552 from 0.8945 at 0.8158 next.

The Swiss Franc has been the strongest currency among the majors in recent weeks, pushing the US Dollar to ever-lower lows. Long gone is the time of parity, or even the 0.9000 level. On Tuesday, the USD/CHF made yet another all time low at 0.8325.

All of the Japanese Yen pairs have followed very similar path – they advanced sharply after the joint G7 intervention in March, and dropped since.

Our experts focus on EUR, USD, GBP and other majors to help you trade more profitably this week.

Check how our analysts are approaching this week of Forex trading, and plan your trades accordingly, with this weekly snapshot of the major currencies.

The Swiss Franc continues to be a currency of choice. Opinions vary whether it is treated as a safe haven or a long-term investment, but it getting stronger. Just on Wednesday, the CHF reached new all time extremes against number of major currencies.

EUR-USD is rising after touching channel support at the 1.43 lows. It has been trending up quite strongly but has now reached resistance at 1.4430 from a combination of the monthly pivot and the point and figure count on the 0.0005x3 chart.

The New Zealand dollar has been surprisingly strong recently. After lagging behind the other commodity currencies, the NZD surged forward during the past two weeks, appreciating broadly. In case of the NZD/USD, this rally reached 0.8262, which is a new all time high for this pair.

All of the Euro pairs have been on a rollercoaster ride of late. The on again, off again sovereign debt fears in Europe have been playing havoc with the common currency. In case of the EUR-JPY, since early March the price rallied from 106.60 to 123.30, only to collapse about 1000 pips and set a low 113.39.

During the last few weeks, the Canadian Dollar started to lose some of its luster. After posting steady gains in relation to the US Dollar, the CAD became significantly weaker, shedding almost 400 pips – the USD-CAD rallied from 0.9440 to 0.9817.

Recently, the EUR-CAD pair has been one of the better examples of the uncertainty in the markets. Important fundamentals have been shifting dramatically in a relatively short time span, causing sharp turns in prices. That is true for most currencies.

The Euro has rallied strongly for the past day or so, but that does not make the hourly chart bullish yet.

The USD-JPY rallied in March from the all time low of 76.12 to 85.82. Within the most recent price history, this is the dominant swing, one defining critical support/resistance levels. Those must be broken before new trend gets under way.

The Australian Dollar has become one of the most popular currencies to trade. Its volume increased dramatically during the past couple of years, making it as liquid as the so-called "major."