27 July, 2015
First, a few words about the forecast for the previous week:
- the EUR/USD pair was predicted to be in a sideways trend with bulls prevailing and to move from support at 1.0750-1.0800 to resistance at 1.1110, which actually happened. Despite the pair being just short of the top boundary of the designated corridor, the forecast stood overall;
- the GBP/USD pair somewhat disappointed the analysts. The forecast was a sideways trend with support at 1.5555, which the pair tried to break during the first half of the week. On Thursday, it finally managed to do that and, as a result, fell to its 2-weeks old support around 1.5470;
- as predicted, USD/JPY tried to continue its rise at the beginning of the week but, with the bullish influence weakened, the pair entered a sideways trend, moving in a very narrow corridor and relying on support at 123.75;
- the lack of news last week affected the USD/CHF pair – it was unable to reach the desired height of 0.9700 and on Thursday fell to the expected level of support around of 0.9520, rebounded off it and returned to the rates of the start of the week.
Forecast for the coming week. Summing up the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be said:
- a look at the H4 chart for EUR/USD would make it clear that the technical indicators will vote for the pair’s further rise. However, on D1 the picture is different – only 52% of the indicators echo this, while 48% hold the opposite view. Furthermore, 85% of the experts also vote for the pair’s fall, with the target as a drop to at least of 1.0850 or even further to 1.0800. Graphical analysis predicts a sideways trend in the range of 1.0900-1.1015 in the first half of the week and a rise to 1.1115 in case the resistance level gets broken through;
- according to 80% of the analysts, GBP/USD is likely to fall further and transition to 1.5335-1.5450, with 75% of the indicators supporting human reasoning. However, graphical analysis shows that the pair will fall only to 1.5400, after which it will continue to move up in an ascending corridor visible on D1;
- the analysts believe that USD/JPY won’t abandon its attempts to go up to at least 125.00. Both technical and graphical analysis readings agree with this general trend. Support will be around 123.65, with the next level at 122.50;
- as for the USD/CHF pair, 65% of the analysts expect it to rise to 0.9700. The indicators also confirm that the pair will try to finish what it failed to do last week. Graphical analysis on D1 paints this picture – first, a fall to support at 0.9520, followed by a rise to the target height of 0.9700 and then… a crash to a 0.9325 support level. The H1 and H4 timeframes spell such a crash much sooner.
Roman Butko, NordFX
First, a review of last week's forecast, which for all four pairs may be considered if not 100%, but at least 90% fulfilled: all three variants of the forecast for EUR/USD, suggested by the experts last week...
First, a review of last week's forecast: the forecast for EUR/USD reckoned that having rebounded from the support of 1.1100, the pair would go up to the resistance of 1.1230, and if it was broken through, the pair could heave upwards by further 100 points up to the level of 1.1330...
First, a review of last week's forecast: the forecast for EUR/USD reckoned that early in the week the pair could tick up to the level of 1.1130, and if it was broken through - it would go up to 1.1170...
First, a review of last week's forecast: as to EUR/USD, the pair met expectations of both those experts supporting its rise to the area of 1.1250 and those predicting that the pair would start going south...
First, a review of last week's forecast:as to EUR/USD one alternative forecast suggested that the pair would move in a sideways channel with the support of 0.9550 and the pivot point of 1.1000...
First, a review of last week's forecast: as to EUR/USD, the majority of experts believed that the pair would continue moving in a sideways channel. This prediction may be deemed as panned out, if we consider the month range of 1.0970 - 1.1180...
As to EUR/USD, the forecast for this pair may be considered only partly fulfilled - the experts reckoned that the pair would move in a sideways channel, but only after its sliding down...
First, a review of last week's forecast: as to EUR/USD, the forecast for this pair may be considered as 100% fulfilled...
First, a review of last week's forecast: â€“ as to EUR/USD, those 20% of analysts, suggesting the gradual rise of the pair, alike the rise of USD/CHF after the ˜Black Thursday...