Forex Daily Forecast, Analysis and Prediction

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.

The Swiss Franc continues its historic rally, especially against the US Dollar.

The Australian Dollar has been one of the biggest beneficiaries of the intervention in the Japanese Yen by central banks in mid March. It has rallied about 1500 pips in relation to the JPY since, a very strong appreciation in such a short time.

In spite of bad news regarding sovereign debt of some of the member states of the European Union, the common currency has been getting stronger.

The New Zealand Dollar has been very popular lately. Since the joint G7 central banks' intervention in the Japanese Yen, all of the commodity currencies, including the NZD, registered significant gains.

The intervention in the Japanese Yen last month was targeting the USD-JPY exchange rate, which was at an all time low. While other Yen crosses were not at extreme levels, they also benefited from that action, in most cases eve more than the US Dollar.