giving the forecast for EUR/USD, the vast majority of experts believed that for a while the pair would be moving sideways backing on the support of 1.1200, which was happening during the whole week, up until the middle of Friday. But then, instead of going up, the pair made a breakthrough to the south. Only one analyst predicted such a possible decline, in his opinion, the pair would break through the boundary of the ascending channel and go down to the support of 1.1120, which, however, it failed to reach, having stalled at the level of 1.1150;
as expected, last weeks acting of GBP/USD was determined by lots of news from Great Britain. With this, 75% of analysts together with the graphical analysis on D1 predicted the pairs strong bearish trend striving to keep within the boundaries of summer sideways channel. Which virtually happened, as a result of such a sharp drop, the pair even broke through the central line of this channel and reached the level of 1.3000;
predicting the future of USD/JPY, experts split into three camps. Eventually the pair managed to support the opinions of the first, second and third camp. 65% of analysts together with the graphical analysis expected the pair to go down to the support of 101.20, on Tuesday it fell to the level of 101.40. 25% of experts reckoned that the pair would rise to the area of 103.20-104.00, on Thursday it obediently rose to the level of 103.35. And, finally, the remaining 10% of experts expected the pair to move in a sideways trend, eventually, the pair wrapped up the week almost at the same level it had started from in the area of 102.25-102.60;
USD/CHF pair sprang no surprises. As the experts expected, it failed to move away from the pivot point of 0.9800, having ended the week just at that very level.
Forecast for the Upcoming Week:
Summing up the opinions of several dozen 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 suggested:
reasoning about the future of EUR/USD, 35% of experts and 15% of indicators on D1 reckon that the breakout can be false, and the ascending channel, which had started in July, will continue. However the majority of analysts do not agree with such a scenario, they expect the pair to fall further, first to the level of 1.1100, and then 100 points further down. As for the medium-term forecast, the number of supporters of the pairs decline makes up to 70%, and the area of 1.0500 1.0800 is indicated as the target;
assessing the prospects for GBP/USD, most indicators (95%) and the technical analysis on D1 insist that the pair will continue falling to the lower boundary of the three-month sideways trend to 1.2850. As for the experts, their opinions split almost equally into three camps 35% vote for the fall, 30% - for the rise and 35% - for the sideways trend. The only thing they have in common is that the pair will still be keeping within the range of 1.2850 1.3450;
there is also no consensus among the experts in respect of the forecast for USD/JPY. It is safe to say that Wednesday will be the core driver for the week trend, when the Interest Rate Decisions of the Bank of Japan and the US Fed and corresponding statements on the monetary policy of these countries will be released. As for the graphical analysis, the one on H4 predicts that for a while the pair will be keeping within 101.70 103.25. Following which, according to the readings of indicators on D1, the pair will plunge to the support of 100.50, having rebounded from which it will then surge upwards to the resistance of 104.30, and if it is broken through, then even further up to the high of 111.45;
the forecast for the last pair of our review - USD/CHF is still the same movement alongside the pivot level of 0.9750 0.9800. The support will be at the levels of 0.9685 and 0.9640, the resistance will be at 0.9885. With this, giving a medium-term forecast, around 60% of experts predict bullish trends and striving of the pair to reach the high of 1.0100.
Roman Butko, NordFX
Notice: These materials should not be deemed as a recommendation for investment or guidance for working on financial markets and they are for informative purposes only. Trading on financial markets is risky and it can lead to loss of money deposited.
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