Forex Daily Forecast, Analysis and Prediction

The USD-CAD currency pair has been in a prolonged down trend. Since late last year, the price the price has been under the parity, an important psychological level, without much of a correction.

A few currencies have been clearly standing out during the past few weeks. The Australian Dollar and the Swiss Franc are the strongest among the major currencies.

While not grabbing any headlines, the EUR-GBP pair has been in a nice uptrend. Since the beginning of 2011, the price advanced from 0.8282 to 0.8936.

In mid March, the USD-JPY fell to a lowest level ever at 76.12. After that, we had a joint intervention by central banks of the G7 group, which pushed this pair to 85.52.

After spending couple of years in a downtrend, the British Pound had finally rallied against the Japanese Yen following the joint G7 intervention in that currency.

The bull market in the Australian Dollar seems to be without end. Massive rallies in most of its pairs, some making all time highs (yet again), with the AUD-USD getting the most attention.

The GBP-CHF pair is once again testing the all time low. About three weeks ago, it seemed that this cross might be on the verge of reversing the long-term downtrend, but the price collapsed again, falling to 1.4301.

EUR fell sharply in early Japanese trading today, but the decline was short-lived and the single currency is back at the 1.4570 level.

The Euro has entered into a small consolidation since its last week's top, but as long as the prices hold above the 1.4515 level, the hourly chart remains bullish and further gains are expected later today and tomorrow.

A weak uptrend in this currency pair is visible, largely because the prices have pulled back further for the past week and are now close to the 100-day moving average.

Yesterday morning it looked like the market was ready to turn higher, but that did not happen.

The Euro and the Swiss Franc pair has been very indecisive lately. It seems that every 2-3 weeks it changes direction, without establishing a lasting trend.

The Australian Dollar had been in a long-term uptrend in relation to the New Zealand Dollar for some time now. This current leg of the bull market started in 2008 and recently, in early March, the price climbed to 1.3780, which is the highest level in almost 20 years.

This year, so far, has been relatively volatile in Forex trading.However, a few pairs have done very little in terms price progress and the GBP-CAD is one of them.

The Euro has been advancing against the US Dollar since the start of the year. During this time, the EUR-USD pair rallied from 1.2876 to the recent high of 1.4520.