Forex Daily Forecast, Analysis and Prediction

GBP/USD pair, even though it has been bearish up until today, it has reached the 38.2 Fib level of its recent move down and the 38.2 fib overlaps with the daily 55 ema.

Starting out with the EUR/JPY weekly chart I see that price recently broke support and has retested back to the scene of the crime, has touched the 13 ema and should continue to drop for a bit.

EUR/USD pair has obviously made a lot of headway since yesterday. Will it continue? That's the big question.

Looking at USD/CHF pair and starting with the weekly chart we can see that price has obviously taken a dive.

Tenkan sen (Blue Average) has crossed Kijun sen (Red Average) down-up above wider Kumo which signal a strong bullish sign.

GBP/USD pair Final wave C in a larger ZigZag

The Sterling continued to gain ground today closing 175 pips higher than yesterday, closing right on the 38.2 retracement level from the bearish run that started on August 19th.

Looking at this pair and starting with the weekly chart I can see we are in a fib war. We are reacting to the fact that price is at a fib zone of the recent move down, but based on a lower time frame chart we are making a fib.

Today the EUR/CHF looks just as bullish as it did yesterday, maybe today will be the day it breaks the descending trend line I have been keeping track of. All forces are behind it giving it the push it needs to break the line.

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The Canadian Economy got some good news from the Housing Starts for September giving the Loonie a tiny bit more strength against its southern cousin, the Greenback.

I will skip the weekly chart for this pair today and go right to the daily chart. This pair is also looking bullish to me but the GBP is not the strongest currency at the moment.

Starting out with a brief glance at the weekly chart for this pair I can see that we did bounce off the 50.0 fib and the stochastic is in the oversold zone. Moving over to the daily chart it has a bullish look about it since the 5 ema has crossed above the 13 and is crossing the 21 ema, stochastics is still in the trade zone but near the top I need to note and price has in fact busted the descending trend line I have been speaking about since last week.

I really don't like to sound redundant, I don't like repeating myself too much but I just cannot seem to keep repeating the similarity between this pair and the EUR/USD. It is no secret that the correlation between the two pairs has always been rather strong.