Forex Forecast for 2-6 November 2015

November 2, 2015

First, a review of last week's forecast:
- most experts and graphical analysis insisted that EUR/USD would be moving in a 1.1000-1.1100 sideways corridor. Even the US Federal Reserve's decision on interest rates could not hamper this forecast. After crashing by 160 plus points Wednesday evening, by the end of the week the pair returned  to the indicated boundaries and ended the week at around 1.1000;
- about 80% of the indicators and half of the experts voted for GBP/USD to go down to support at 1.5200 at the most. The remaining 50% of the experts and graphical analysis talked about a sideways trend with resistance around 1.5470. Both forecasts turned out to be right - first, GBP/USD gradually went  down to 1.5225 but then recovered and reached 1.5470 Friday night;
- for USD/JPY the experts and the indicators determined a sideways corridor with support at 120.50 and resistance at 122.00. All that happened except that the corridor shifted down by about 50 points to a 120.00-121.50 range, with 120.50 as a pivot point;
- the forecast for USD/CHF was only upward movement, and the pair did reach 0.9950. Now just 50 points separate it from the landmark 1.0000.

Forecast for the coming week.
Summarizing opinions of several dozen analysts from leading banks and broker companies as well as forecasts made on the basis of different methods of technical and graphical analysis, the following can be proposed:
- just one (!) analyst predicts that EUR/USD will rise to 1.1200. All the others (the experts, the indicators and graphical analysis) believe the pair will drop to support around 1.0800. With this, according to graphical analysis on H4, the pair will first fall to support at 1.0955, rebound to 1.1055 and only then move downwards hitting the bottom at 1.0600. It won't settle there but  rather try to make it to around 1.0800;  
- graphical analysis and the experts predict some fluctuations for GBP/USD within a 1.5440-1.5470 range at the beginning of the week. Then the pair should go down under bearish pressure. Graphical analysis on H4 suggests that the main support will be 1.5315 while 33% of the analysts insist that the fall will be bigger and the weekly bottom will be at 1.5250;
- indicators on H4 and D1 maintain neutrality regarding USD/JPY. As for the shorter timeframes, they predict a slight drop to 120.00, a key level for the pair for the past 11 weeks. Graphical analysis on H4 agrees with this. According to 70% of the experts, the pivot point will be 121.50 again, and generally the pattern of the previous week is expected to repeat. At the same time, a quarter of the experts believe that the pair will not give up attempts to get closer to 122.00;
- the forecast for USD/CHF is still upwards. Although the experts and indicators on H1 and H4 don't rule out that the pair may take a breather within 0.9810-0.9900, the ultimate target remains 1.0000-1.0100. As for a longer-term monthly forecast, 25% of the analysts and graphical analysis on D1 warn that on reaching 1.0000, the bulls may become weaker and the pair will roll back to  0.9500.

Roman Butko, NordFX

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