Forex Daily Forecast, Analysis and Prediction

Considering the current trends in the major economies, check out this trade idea for the EUR/CAD pair based on recent events in both the US and Europe affecting the markets everywhere.

The GBP/CHf has been trading in a descending channel since hitting an 18 month high in July 2012. The pair seems to be faithfully moving down 200-300 pips before reversing and moving up about the same distance, essentially creating a nice range for trading, and some beautiful trading opportunities along the way.

AUD has been the out-performing commodity currency against the USD since the “fiscal cliff deal” was resolved at the turn of the New Year. Check out the AUD/USD forecast for this new year, 2013 here.

The EUR/USD pair initially fell during the Monday session, but we got a bit of support at the 1.30 handle in order to push the market higher. At the end of the day, we closed above the 1.31 handle, and formed what looks a bit like a hammer, suggesting serious bullish strength underneath.

The AUD/USD pair really seemed to have perked up during the session on Monday. After all, we had seen a bit of bearishness in the early hours, but the 1.0470 level offered enough support to see the market bounced back over the 1.05 handle.

The GBP/USD pair initially fell during the session on Monday, but as you can see on Friday we had already formed a hammer. This hammer suggested that there was support at the 1.60 level, and as a result I started buying as we get close to that level.

XAU/USD closed lower than opening yesterday as the initial rally faded after the bears run out of steam at the 1660 resistance, which is the Kijun-sen line (twenty six-day moving average, green line) on the 4-hour chart.

The AUD/JPY printed a spinning top off of resistance at 92.50 yesterday and has since been falling slowly during Asian Trading.

According to the analysis of the USD/JPY and AUD/USD trader profited on a binary options platform.

Going into 2013, the Japanese Yen continues to weaken against the USD as the newly elected Prime Minister, Shinzo Abe sends strong signals through recent statements. Check out the 2013 forecast for the USD/JPY pair here.

The EUR/USD pair a slightly positive session on Friday after the US Non-Farm Payroll numbers came out roughly in line with overall consensus. Looking forward, this normally represents a "risk on" rally waiting to happen, and this of course normally pushes his pair higher.

The USD/JPY pair has been quite active lately, and as you can see by the chart certainly bullish. As many of you know, I have been long in this pair for quite some time now, and have been espousing the idea of this pair being a longer-term buy-and-hold type of proposition.

The AUD/USD pair fell to the 1.04 level on Friday, but after the jobs number came out of the United States, we get a significant bounce all the way back up to the 1.0477 area.

Although XAU/USD fell for the week, Friday’s price action was really interesting. The XAU/USD pair broke below the 1655 support and (almost) touched the bottom of the descending channel (1625) and climbed back above the 1655 level, printing a hammer on the daily chart.

The Swissy (USD/CHF) fell to a low last week of 0.9076 after breaking a key support level for the pair at 0.9265 on December 13 when the pair successfully opened and closed below the level and then continuing to fall the next day.