Weekly Forex Forecast for Major currency pairs

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Weekly Forex Forecast for Major currency pairs

Analysis For November 5 - 10.

EURUSD

The pair made some gains from Monday to Wednesday then declined on Friday. The outlook of the EUR looks bearish and will likely continue till the end of the week. So the support lines at 1.1600, 1.1550 and 1.1500 should be tested, and the resistance lines at 1.1700 and 1.1750 will limit any rallies. However, immediate resistance is now pegged near the 1.1630 region, support-turned-resistance, and any subsequent recovery attempts might now be capped near the 1.1660-65 zones.

Key Levels: R1- 1.1667, R2- 1.1726, R3- 1.1750. S1- 1.1574, S2- 1.1550, S3- 1.1481


USDCHF
The pair had a brief spike down to 0.9948 on Friday but hastily recovered its poise and finished the week at parity, having briefly reached 1.0024.
No further important movement was seen last week, but bullishness was maintained and price closed above the psychological level of 1.0000. Technical indicators are looking positive generally, which makes the outlook for this week bullish. The pair could text the resistant levels at 1.0050, 1.0100 and 1.0150 in the next two weeks.

Key Levels: R1- 1.0050, R2- 1.0100, R3- 1.0150. S1- 0.9960, S2- 0.9914, S3- 0.9882.



GBPUSD

The pair gained 160 pips last week following Friday’s US jobs report, but ended the week at 1.3075 after testing the distribution territory at 1.3300. There was further price decline, but the accumulation territory at 1.3000 was able to hold. The GBPUSD now has a bearish outlook and in other instances, it is neutral. This week, a break of Fridays low of 1.3038 would see the pair move toward the 1.3023/3000 levels and could head lower to 1.2980.

Key Levels: R1- 1.3083, R2- 1.3127, R3- 1.3222. S1- 1.3033, S2- 1.2989, S3- 1.2938.


USDJPY

The pair began the week with a spike to fresh nearly eight-month high at 114.73. Overall, technical indicators remains bullish and favors final break higher and test of next targets at 115.00 (round-figure) and 115.50 (10 Mar high).

Key Levels: R1- 114.05, R2- 114.46, R3- 115.27. S1- 113.65, S2- 113.24, S3- 112.84

 

[forexfactory]

This is a very good analysis. I have taken note of the key support and resistant Levels. Also, I am looking forward to the Federal Reserve Meeting for next week that could bring more gain for the EURUSD. Thanks

 

[Profiforex_Victory]

Forex market outlook for November 19th – 24th

EURJPY
Uncertainties in Germany politics has forced the pair into a bearish formation. Price has been consolidating since the beginning of October (long term view). The pair is no longer on a neutral outlook and investors are beginning to consider a sell position. Short term wise, there is still room for EUR/JPY to fall further.

Key Levels: R1- 132.90, R2- 133.61, R3- 134.03. S1- 131.78, S2- 131.35, S3- 130.65



EURUSD
The Pair gained 200 pips after a bullish signal was generated last week. It tested the resistant line at 1.1850 and then closed at 1.1800 resistant lines on Friday. The EURUSD started this week on a harsh note, as Sunday talks of a coalition Government in German collapsed after the Free Democratic Party pulled out. As a result the EURUSD fell to 1.1722 at the start of today’s Asian session, but was able to regain some of its losses early European session. The signal will remain valid until price falls to 1.6000.

Key Levels: R1- 1.823, R2- 1.1851, R3- 1.1879. S1- 1.1766, S2- 1.1737, S3- 1.1710.



USDJPY
The safe haven yen gained some strength despite the disappointing trade data that was released. So, the pair’s price fall could be as a result of the new tax reform in the US and Markel’s failure to form a new government. This week may see the demand level at 111.50 reached, but there is the possibility of a strong reversal before the end of the week. The fact that the monthly S1 located at the 112.04 level sustained under such heavy pressure indicates an upcoming recovery of the buck, which will tend to reach the 112.62 mark.

Key Levels: R1- 112.85, R2- 113.62, R3- 114.08. S1- 111.63, S2- 111.17, S3- 110.40



USDCHF

Price fell drastically from Monday to Wednesday; it corrected on Thursday and fell again on Friday to close at 0.9883. The correction is likely still in place, and we think the price my hit 0.9963 and fall back to 0.9900.



GBPUSD
The bias is neutral due to a lack of strong direction for the past 4 weeks. After reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. The distribution territory at 1.3300 and accumulation territory at 1.3050 have proven to withstand bearish and bullish pressures recently so the bias will remain until one is breached.

Key Levels: R1- 1.3262, R2- 1.3308, R3- 1.3354. S1- 1.3171, S2- 1.3124, S3- 1.3079

 

[Profiforex_Victory]

Weekly Forex Outlook on Major Currency Pairs

(November 26 - December 1)


EURUSD

The pair shot up by 210pips last week and closed above the support and resistant line at 1.1900 and 1.1950 respectively. Meanwhile, doubts that the Fed may be able to deliver further interest rate increases, on concerns over stubbornly low inflationary pressure, kept the US Dollar bulls on the defensive and further collaborated to the pair's strong up-move. The outlook on the EURUSD is bullish for December and the resistance level at 1.2000 should be reached next month.
Key Levels: R1- 1.1972, R2- 1.2013, R3- 1.2080. S1- 1.1863, S2- 1.1796, S3- 1.1755

USDCHF

There was further decline on the USDCHF last week, especially Friday when it fell to 0.9785. The pair has dropped about 220 pips this month and 100 of those were lost last week. This has created a confirmation bearish pattern. With the daily momentum indicators pointing increasingly lower, a sustained break of 0.9785/0.9800 would allow a run towards 0.9725/30 and then to 0.9700/05.
Key Levels: R1- 0.9804, R2- 0.9822, R3- 0.9865. S1- 0.9779, S2- 0.9761, S3- 0.9736.

GBPUSD

Friday’s gain helped the pair reach a price of 1.3359 and this has created a bullish signal. With this ongoing momentum, traders are hoping the pair would push up to the distribution territories at 1.3350, 1.3400, and 1.3450. GBPUSD seems to be unfazed by the ongoing Brexit negotiations that saw UK PM, May in Brussels trying to beat out a deal with Donald Tusk.
Key Levels: R1- 1.3350, R2- 1.3400, R3- 1.3450. S1- 1.3288, S2- 1.3242, S3- 1.3206.


USDJPY

The Pair has lost nearly 300p pips since the start of this month as it tested the supply level at 114.50 on November 6. It now targets the supply levels at 111.00, 110.50 and 110.00. Only firm break above 200SMA would sideline bearish threats while return and close above daily cloud top is needed to neutralize and signal higher base formation.
Key Levels: R1- 111.77, R2- 111.96, R3- 112.27. S1- 111.00, S2- 110.50, S3- 110.00

 

[Profiforex_Victory]

Weekly Forex Forecast On Major Pairs

Dec 3rd - 8th


USDJPY
The pair tested the supply level at 114.50 with a drop of about 340 pips in November. This created a bearish confirmation pattern. This week may see an increase in demand which could see the pair trade above 113.10. If this does not happen the technical recovery from 110.84 low could fall apart. The pair is now trading above 112.00 and 0.20 percent increase for the day. There is now focus on US ISM non-manufacturing and a strong employment sub-index, which would help the pair to trade above 113.09. Poor economic data would be a very bad news for the USDJPY since it has already placed one foot backward.

Key Levels: R1- 112.91, R2- 113.31, R3- 113.52. S1- 112.31, S2- 112.10, S3- 111.70


EURUSD
The pair has now moved back closer to previous session's intraday high, around the 1.1870-75 region, as traders now look forward to the final EZ services PMI prints for some short-term trading impetus. Meanwhile, any fresh Brexit headline could lead to some volatility in the EUR/GBP cross and the spillover effect could also influence the pair's movement through the European trading session.
From current levels, any bullish momentum beyond the 1.1900 handle is likely to confront fresh supply near the 1.1920-25 region, marking a short-term descending trend-channel resistance. A sustained move beyond the mentioned hurdle would indicate a bullish break and pave the way for an extension of the pair's upward trajectory.

Key Levels: R1- 1.1881, R2- 1.1906, R3- 1.1932. S1- 1.1830, S2- 1.1804, S3- 1.1779


USDCHF

An uptrend from Monday to Wednesday (in the context of a downtrend) briefly breached the 0.9850 level before closing below it. No meaningful rallies will occur while EURUSD is able to showcase its strength, so the rally simply proved a good opportunity to sell short at a better price before price plummeted on Friday and put more emphasis on the ongoing bearish outlook. Further bearish movement is expected this week.

Key Levels: R1- 0.9839, R2- 0.9885, R3- 0.9960. S1- 0.9810, S2- 0.9764, S3- 0.9735


GBPUSD
The GBPUSD has been bullish since November 14 even though it moved slowly. It grabbed over 400 pips in that month and tested the distribution level at 1.3549. On Monday, the pair had a rather volatile session. The failed attempt to reach a Brexit deal between the UK and EU triggered a short selloff in the GBP, which dragged the pair back to the 1.3400 handle. Investors now look forward to the UK service PMI report and US ISM non-manufacturing PMIs prints for some fresh impetus.

Key Levels: R1- 1.3522, R2- 1.3600, R3- 1.3660. S1- 1.3405, S2- 1.3345, S3- 1.3278

 

[Profiforex_Victory]

Forex outlook on Major Currency Pairs

Dec 10 - 15



EURUSD

Last week saw the pair lose more ground leaving risk of more declines on the table. It moved briefly below the support line at 1.1750 and then closed above it on Friday. The EURUSD might be weaker this week with resistant level at 1.1850, where a cut through it will open the door for more upside toward 1.1900 levels. Support lies at the 1.1750 level and any break below it will see it move to 1.1700 level. The support lines at 1.1700 and 1.1650 may be tested this week subject to strong selling pressure.

Key Levels: R1- 1.1784, R2- 1.1804, R3- 1.1831. S1- 1.1737, S2- 1.1710, S3- 1.1690


GBPUSD

Last week Friday, the pair reached an early European high at 1.3529 in reaction to the news of a Brexit breakthrough. This surge was followed with a heavy sell as traders took profit causing the pair to fall to a low of 1.3353. After the NFP report was released, the pair moved up to 1.3432 and 1.3399. The bullish bias look very week due to the events that occurred last week.

Movement below the accumulation territory at 1.3250 will result in a bearish signal being generated, but movement above the distribution territory at 1.3550 will strengthen the recent bullish signal, which we are likely to see this week.

Key Levels: R1- 1.3422, R2- 1.3588, R3- 1.3655. S1- 1.3323, S2- 1.3256, S3- 1.3157


USDJPY

The US wage data may have been disappointing, but the pair hit a 4 week high in early Asia session on Friday. This move could also have been inspired by the news of a Brexit breakthrough. The pair rose to 113.63 November 14 high. Friday’s released data showed that the NFP added 228,000 jobs in November, while hourly wage rose 2.5%.

There is speculation that the BOJ is likely to cut its ETF purchases soon, and this could strengthen the Yen. This week, the pair remains neutral, but a test of 113.80 would not be surprising. The supply levels at 114.00 and 114.50 are also targeted.


Key Levels: R1- 113.93, R2- 113.93, R3- 114.25. S1- 113.16, S2- 112.84, S3- 112.62


USDCHF

Last week Friday, the pair stalled its bullish trajectory near the 0.9975/80 region and lost some of its gains after a mixed US jobs data. Traders were forced to take some profits off the table and this added more pressure on the pair to slow down. It moved the resistance level at 0.9950 last week and then closing below it on Friday. The pair looks strong and set to continue its positive run this week. The resistance levels at 1.0000 and 1.0050 may be tested this week, but a fall remains highly likely due to possible strength in CHF

Key Levels: R1- 0.9944, R2- 0.9999, R3- 1.0019. S1- 0.9909, S2- 0.9889, S3- 0.9854

 

[Profiforex_Victory]

Weekly Forex Forecast on Major Currency Pairs
Dec 17 - 22


GBPUSD

The pair is still very weak despite the latest Brexit news that a next phase will commence. However, this can only happen as from march next year, sparking a selling pressure on the pair. Also an attempted uptick in the dollar made the GBPUSD register some losses.

Technically, the pair continues to find strong buying interest near the 1.3300 handle and hence, traders are likely to wait for a decisive break through the mentioned support before positioning for any subsequent weakness. Movement towards the accumulation territories at 1.3300 and 1.3250 will help strengthen that view, but movement above the distribution territories at 1.3450 and 1.3500 will pull it back.

Key Levels: R1- 1.3417, R2- 1.3506, R3- 1.3564. S1- 1.3270, S2- 1.3212, S3- 1.3123


EURUSD
The pair ended the week with minor losses after jumping beyond the 1.1800 on Friday. This week, it managed to catch some fresh bids and bounced back above mid-1.1700s. The USD faces pressure from the news of a possible Government shut down if the spending limit is now extended beyond December 22. This has created an opportunity for the support lines at 1.1700 and 1.1650 to be tested this week. Selling pressure is possible throughout December.

Traders now look forward to the final Euro-zone CPI print, due for release during European trading session, for some fresh impetus ahead of this week's important US macro data - final GDP growth figures, durable goods orders and core PCE price index

Key Levels: R1- 1.1795, R2- 1.1835, R3- 1.1857. S1- 1.1732, S2- 1.1710, S2- 1.1670



USDJPY
Last week the Pair made unpredictable movements, but started to move down on Wednesday before closing above the demand level at 112.50. The USJPY seems to be on a neutral ground which can only end once the price breaches either the demand level at 111.50 or the support level at 112.50. This might not occur this month.

Key Levels: R1- 112.89, R2- 113.19, R3- 113.62. S1- 112.16, S2- 111.73, S3- 111.43


GBPJPY
Looking at this pair from a short term view, it looks bearish, while on the long term it is neutral. The pair has lost more than 200 pips so far. Demand levels at 149.00 and 148.50 are now being targeted. The GBPJPY could reach these targets this week.

Key Levels: R1- 150.91, R2- 151.78, R3- 152.53. S1- 149.30, S2- 148.55, S3- 147.68

 

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Weekly Forex Forecast on Major Currency Pairs
Jan 7th - 12th, 2018.

EURUSD

Last week the Euro suffered from the disappointing EU CPI which supports the view that markets remain under positioned long term relative to the markets overwhelming bullish sentiment. The EURUSD is eyeing the 1.2000 level and a breakthrough could trigger a correction toward 1.1900. The overweight short-term speculators and fast money positioning suggests the Forex market could be susceptible to an early 2018 squeeze lower.

Key Levels: R1- 1.2077, R2- 1.2100, R3- 1.2140. S1- 1.2014, S2- 1.1985, S3- 1.1950


GBPUSD

Despite Friday's mixed results from the US monthly jobs report, a goodish pickup in the US Treasury bond yields, amid growing expectations for a March Fed rate hike move, underpinned the greenback demand and contributed towards capping the pair below the 1.3600 handle.

Traders now look forward to the release of UK Halifax HPI data and Fedspeak for some fresh trading impetus. The key focus, however, would be on this week's US inflation figures, which along with other important macro releases would help investors determine the pair's next leg of directional move

Key Levels: R1- 1.3593, R2- 1.3618, R3- 1.3653. S1- 1.3593, S2- 1.3498, S3- 1.3473.


USDJPY
On Friday the pair reached 113.30 and then consolidated above 113.00 for the balance of the session.
A short-term “buy” signal was generated on Friday that makes further gains possible. The chart remains flat on the long term, so there might be further sideways trade within the broad 112/114 range, which might be reached this week. However, there exists the risk of a large pullback on JPY pairs.

Key Levels: R1- 113.41, R2- 113.71, R3- 114.07. S1- 112.76, S2- 112.40, S3- 112.10


GBPJPY

The pair broke above the 153 handle on Friday followed by a Strong bullish Activity last week. The 153 level has been an important price for the pair. Since this level was previously breached, although pulled back to 152, the market could see more upside movement above 153. We could also expect to see a bearish correction if the price pushes higher than 163.

Key Levels: R1- 153.86, R2- 154.25, R3- 154.83. S1- 152.89, S2- 152.31, S3- 152.92

 

[Profiforex_Victory]

Weekly Forex Forecast on Major Currency Pairs
January 14th - 19th



EURUSD

After a bearish start to last week, a climb of 270 pips tested the resistance line at 1.2200. That resistance line remains under siege with price possibly gaining another 150 pips this week as the outlook on EUR pairs is generally bullish.

Key levels: R1- 1.2241, R2- 1.2296, R3- 1.2402, S1- 1.2091, S2- 1.1974, S3- 1.1920


GBPUSD

The protracted consolidation finally ended with the bullish breakout last week where price climbed 200 pips on Friday alone. That move is expected to continue this week so targets are the distribution territories at 1.3750 and 1.3800.
Key Levels: R1- 1.3803, R2- 1.3803, R3- 1.4010. S1- 1.3596, S2- 1.3459, S3- 1.3388

USDCHF

The bullish efforts from Monday to Wednesday almost reached the resistance level at 0.9850 before dropping 170 pips to close below the resistance level at 0.9700 on Friday and generate a bearish signal. The outlook is bearish this week due to CHF strength and a strong EURUSD.

Key Levels: R1- 0.9711, R2- 0.9802, R3- 0.9833. S1- 0.9651, S2- 0.9620, S3- 0.9560.


USDJPY

There was a 214 pip slide last week after several unsuccessful attempts to break the demand level at 111.00. With the bearish outlook and a Bearish Confirmation Pattern present, further decline is probable - likely targets being the demand levels at 110.50, 110.00, and 109.50.

Key levels: R1- 111.53, R2- 112.02, R3- 112.34. S1- 110.73, S2- 110.41, S3- 109.92




GBPJPY

A decline of 310 pips from Monday to Wednesday consolidated on Thursday and bounced upwards on Friday. The general bias is bullish, although the pullback that occurred the first few days of last week appears to be offering a good opportunity to buy long at better prices, thus allowing the supply zones at 152.50, 153,00 and 153.50 to be targeted this week.
Key levels: R1- 153.27, R2- 154.07, R3- 155.45. S1- 151.10, S2- 149.72, S3- 148.92