Forex Daily Forecast, Analysis and Prediction

If we take a technical look at the weekly EUR/USD chart using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to several reasons. Get the full picture - and our weekly signal here.

For 4 weeks in a row the Sterling has closed higher than its open after dropping from the high of 1.66180 the week of August 14, 2011, to the support level at 1.5350 at the beginning of October.

Starting out with the weekly chart for this pair I just wanted to point out a few things. First of all, last week price for this pair had mostly dropped and it pierced the 55 ema and has retested.

If we take a technical look at the weekly EUR/USD chart using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to several reasons. Find out what they are and get this week's signal here.

Starting out with the weekly chart bullish conditions exist. The stochastic is crossing it's way out of the oversold zone and price is trying to catch a ride on the 5 ema.

If we take a technical look at the Weekly chart GBP/USD using Ichimoku averages, we still notice a negative bias expecting a drop in the trend due to the following reasons:

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The EUR/GBP ends the week with a bearish tone. It had appeared to me that it could break out of its range to the upside.

Starting out with the weekly chart for this pair it appears price is bouncing off the 233 ema it landed on earlier this week and may go up.

The Swissy looks like it is dropping further today. Looking at the weekly chart it is clear that price is steadily falling from the near 50.0 fib level it has recently made and is now falling below the 38.2 fib level.

Looking at the daily chart for the EUR/JPY it is obvious price has been riding on the 13 and 21 ema's.

Starting off with the weekly chart it appears that the GBP has picked up strength and the stochastic is in the overbought zone trying to cross up.

Normally, my analysis for the EUR/GBP entails analysis of the EUR/CHF and GBP/CHF. Today however, I don't see it necessary to even look at those two pairs.

Looking at the weekly chart it appears we are heading back up. Last week we dropped from nearly the 50.0 Fib level back down to the 38.2 and now we are back on the rise.

GBP/USD pair bounced off the daily 55 yesterday and has fallen and bounced a bit off the daily 21 and 13 ema's.