the most intriguing for EUR/USD last week was whether the ascending channel, which had started in July, would continue. However, the acting of the pair didnt give a clear answer to that question. Indeed, after the breakout, as expected, the pair went down to the support in the area of 1.11001.1120. But then, having rebounded from it the pair returned to the lower boundary of the uptrend and, having turned it into the resistance, continued its moving upwards;
as a reminder, assessing possible acting of GBP/USD, experts split into three almost equal groups: 35% voted for the pairs fall, 30% - for its rise, and 35% for the sideways trend. Eventually, the last camp turned out to be right using the central line of summer sideways channel of 1.3060 as the resistance, the pair had been moving eastward during the whole week. With this, the bears didnt cease to test the level of 1.2950, but the bulls could fight off all those attacks, and eventually the pair wrapped up the week at the level of 1.2960;
as for USD/JPY, the Interest Rate Decisions of the central bank of Japan and the US Fed (which, as expected, were kept on hold) were no so much determining as the commentary on the monetary policy of those countries. Eventually, having kept within the sideways range during the first two days, on Wednesday the pair surged up to the resistance of 102.80, and then, as the graphical analysis expected, it plunged. Having broken through the support of 100.50, by inertia the pair went further 40 points down to the level of 100.10, and afterwards, when it calmed down a little, it returned to the specified area to the area of 100.50101.25;
Wednesday was also determining for USD/CHF. And if until now the pair had been moving without moving apart from the pivot point of 0.9800, then, mirroring the acting of EUR/USD, it plunged. The technical analysis indicated two levels of support 0.9685 and 0.9640, however, the pair preferred the average value and chose the level of 0.9660 as the week low, and afterwards, having bounced off it, it returned to the area of 0.96850.9740.
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:
EUR/USD. 95% of indicators on H4 and 80% on D1 point to the north. As for the analysts, 60% of them vote for the pairs rise, and 40% - for its fall. This time the number of supporters of the sideways movement of the pair was zero. If the camp, voting for rise, wins, then the pair will return to the range of the ascending medium-term channel and consolidate above its lower boundary, alongside which it has been currently moving. In this scenario the minimum goal is to get to the area of 1.12601.1280, the target for the next weeks - 1.1410. As for the supporters of its fall, they indicate the level of 1.1120 as the target, the next support will be at 1.1045. It should be noted here, that unlike the week forecast, in medium term around 75% of experts give priority to the bears;
the forecast for GBP/USD remains virtually unchanged. The most analysts, fully backed by the graphical analysis on H4 and D1, insist that the pair will continue to go down to the lower boundary of the three-month sideways trend to 1.2850, and afterwards a reverse of the trend and return of the pair to the resistance of 1.3060 should follow.
as for USD/JPY, the majority of analysts 70%, backed by the indicators and the graphical analysis on D1, insist that the pair will continue its downtrend. With this, it should be noted, that currently the pair is at the level of very strong support 101.00, and significant efforts might be required to get over it. If successful, the target of the pair will be the area of 99.00-100.00. According to the graphical analysis, during the month the pair might go further down to the support of 96.50, afterwards it will return to the level of 101.00;
talking about the near future of USD/CHF, 60% of experts and indicators on H4 and D1 believe that the pair should once again test the low of 0.9660, and possibly reach the bottom in the area of 0.9600. However, then the pair will nevertheless return to the pivot point of 0.9800, and more than 70% of analysts are sure about that.
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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