Forex Analysis and News for Major Currency pairs

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Weekly Forex Analysis for Major Currency pairs

(April 17 to 21)


EURUSD
Bearish
Last week, the EURUSD saw slight rally on Wednesday. This week Monday it rallied during the day as Easter celebrations took place in Europe. We would want to keep watch for a bearish outlook and as the resistant line of 1.0800 is not crossed yet – until it does, any rallies should be taken as a good "sell" sign.

USDCHF
Bullish
This week, the USDCHF price remained above 1.0000 support level and continues its bullish trend. Movement from the EURUSD could play a role here, deciding whether the resistant level of 1.0100 and 1.1050 will be breached this week. There is a huge possibility that resistant lines will be crossed.


GBPUSD
Bullish
The GBPUSD relied above 1.2550 levels beginning this week Monday and makes it possible for the price to recover on Intra-day on a short term basis. In order to determine the next trend of this pair, the 1.2580 resistance and 1.2550 support has to be breached first. Expected Trend for this week remains Bullish.


USDJPY
Bearish
The USDJPY formed a perfect bearish confirmation pattern last week. Beginning this week, it provided a slight bullish bias support channel. The market keeps looking forward to a bearish trend on this pair in the upcoming sessions. It looks likely to break the 108.00 level and validates the bearish wave extension to 106.63.


EURJPY
Bearish
After failing to breach the 114.85 level last week, the EURJPY is forced to provide an Intra-day positive rebound at 116.0. Its bearish trend is expected to continue. If the resistance level of 117.10 is breached we could see a new negative target beginning at 113.80 to 112.30 in the nearest future.

 

[vicknic]

Here is this week's Market outlook for three Major Currency Pair

GBPUSD
Bullish
Last week, the GPDUSD peaked by 370 pips and traded at 1.2908. This morning, it went beyond last week’s high and touched a high of 1.2910. This shows that there is still a chance it will push higher towards 1.2950. In the meantime, it is too early to expect long term stability at this level. Price has moved unpredictably - likely a pause in an uptrend. So, the price target may continue to revolve around 1.2850, 1.2900 and 1.2950 this week.

EURUSD
Bearish
The resistance line at 1.0750 was breached last week, then it retraced. No doubt the French Election is driving the market sentiment at the moment and the recently concluded vote on Sunday drove pairs like EURUSD to a certain level. Today the EURUSD is gaining at 1.32% at 1.0870. A breach of 1.0838 may result to April 24 Low at 1.0821. But the outlook holds until the resistance line at 1.0800 is breached, likely to take place this week.

USDCAD
Bearish
The pair has now dropped to a Fresh Low of 1.3430 as there is a fresh pressure from the activities of traders selling the green back. The French presidential election seems to have created a new atmosphere over the Donald Trump’s plans to cut down the U.S. massive tax on business bodies. USDCAD is likely to find a new support level at 1.3380, and if breached could slide toward 1.3330 region.

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[vicknic]

Weekly Forex Analysis for Major Currency pairs
(May 1st to 5th).


GBPUSD

We saw the GBPUSD rise 570pips from April 10 and speculators believe it may continue in that direction given the strong bullish confirmation pattern for May. The May1 holiday has not helped us see clearly to confirm this theory. It is currently trading at 1.2911 having posted a daily low at 1.2901 and high at 1.2948. The April PMIs and none farm payroll will be released this week, which is a key factor for the dollar. Analysts predict that the GBP will gain more grounds and we could see a firmer resistance at around 1.3050.

Key Levels: R1- 1.2946, R2-1.2968, R3- 1.2968. S1-1.2924, S2-1.2914, S3-1.2902


EURUSD

The pair opened last week with a driving force and rose beyond expectations. It met its resistance level at 1.0950 at the end of last week. The EURUSD remain strong on its resolve to advance higher, but it is stuck in a tight technical consolidation range at the moment. Analysts see this pairs position as Neutral and bullish. The market looks vulnerable as the pair has failed to rise above the mid 1.09 level. So, we are looking at a support line of 1.0900 and 1.0850, which might be tested this week.

Key Levels: R1- 1.0904, R2-1.0924, R3- 1.0936. S1-1.0896, S2-1.0884, S3-1.0876



EURGBP

Having posted a daily low at 0.8451 and high at 0.8451, the pair is presently trading at 0.8445, a 0.36 percent rise. The EURGBP is being driven by Political forces at the moment. An example was the resent meeting held by PM May and Juncker over Brexit Talk. The Prime minister hosted the President of the EU at Downing Street last week Wednesday on Brexit negotiations between EU and UK.

Meanwhile the EUR was boosted by the outcome of the first round of the French elections. Analysts think that the EURGBP outlook is neutral to positive while above 0.8300. If the pair slips through 0.8252 the July 2016 low would be in focus. If the Pair rises above 0.8611 resistant lines, it would be a whole new direction for the EURGBP.

Key Levels: R1- 0.8443, R2-0.8453, R3- 0.8465. S1-0.8421, S2-0.8409, S3-0.8399

 

[vicknic]

Weekly Forex Analysis for Major Currency pairs
(May 7th to 13th).

NZDUSD
For the second consecutive session the NZDUSD has gained his strength and is trading on a positive note after dropping to sub level 0.6900. Trade balance data on the Chinese headline helped boost the NZD and pull it off the session lows.
The week, investors would want to be cautious as there is the RBNZ monetary decision which might hinder a higher trading price for the NZDUSD. If the Pair trades below 0.6900, there could be a fresh 1 year low at 0.6840.
Key Levels: R1-0.6907, R2-0.6916, R3-0.6921, S1-0.6893, S2-0.6888, S3-0.6879.

EURUSD
The Pair started this week with an upward extension, but dropped to a fresh session low around the 1.0900 level. There were two factors responsible for the retracement. One is investors taking profit off the trade and two is the growing prospect of a possible Fed rate hike June this year. There is now a 85% chance that this would actually occur. This week, there could be a stronger Dollar and EURUSD could drop lower.
The immediate support level for EURUSD is at 1.0930 regions and if breached could pull the pair down to 1.0885-80 regions this week.
Key levels: R1-1.1007, R2-1.1046, R3-1.1068. S1-1.0946, S2-1.0924, S3-1.0885

GBPUSD
The pair is currently trading at 1.29070-80 levels after trading at a low level in the previous week. Despite the strength of the dollar and some positive sentiment surrounding it, the GBPUSD managed to climb back to over 7 month high in the wake of France’s Presidential election.
Meanwhile, the release of LMCI data from the US and Fed speech would be a big factor for the GBPUSD. Since the market is bullish at this time, a breach of 1.3000 would see the pair reach 1.350 and 1.3100.
Key levels: R1-1.2984, R2-1.3002, R3-1.3014. S1-1.2954, S2-1.2942, S3-1.2924

EURJPY
The Pair has now being forced to retrace from daily tops around 124.00. After trading at a very high level, the Yen is now having a good momentum which saw the EURJPY retreat to the 123.30 region. The EUR is currently suffering from a profit Pull by investors after the Victory of Emmanuel Macron in the recently concluded French Presidential election. The Cross Pair is pulling back 0.48% to an immediate support level at 122.87.
Key Levels: R1-124.26, R2-124.89, R3-125.26. S1 123.26, S2-122.90, S3-122.27

 

[vicknic]

Weekly Forex Analysis for Major Currency pairs
(May 14th to 19th).

GBPUSD
The previous week there was a consolidation in the GBPUSD testing 1.2850 where there is an accumulation territory. The consolidation didn’t however change the trend from being a downtrend, although further consolidation would return the trend to being neutral. This week, there is a high possibility of pullbacks occurring especially when the pair breaks past 1.2850. For this new week, the major happenings that would affect the pair could be Consumer Price Index and the Average Earnings Index.

Key levels: R1- 1.2908, R2- 1.2933, R3- 1.2966. S1- 1.2850, S2- 1.2817, S3- 1.2792

EURUSD
The previous week, the EURUSD briefly fell below the support line at 1.0850. Most of the movement in the pair was a reaction to the election victory of Macron in France. But by the end of the week, the pair closed above 1.0900 which is another support line. For this new week, should prices of this currency pair move below the significant resistance level we have at 1.1000, this would make the uptrend stronger. On the other hand, if the pair falls under the support line we have at 1.0700, the uptrend will be severely threatened. Across the next four days, significant economic happenings that may shape price movement of the EURUSD would be inflation and GDP data.

Key levels: R1- 1.0957, R2- 1.0985, R3- 1.1036. S1- 1.0878, S2- 1.0827, S3- 1.0799


USDCHF
Last week, the pair climbed up reasonably pushing up by over 220 pips such that it briefly went above the resistance level located at 1.0100. For this week, the trend is neutral most especially for the pullback that occurred on Friday. For the trend to be a clear one either up and down, the pair needs to make a long protracted move. Retail sales data from the US would play an important role in the movement of the pair this week.

Key levels: R1- 1.0066, R2- 1.0125, R3- 1.0165. S1- 0.9967, S2- 0.9927, S3- 0.9868


USDJPY
Last week, prices had crept up breaking past 114.00 where there is a demand level followed by a correction of 80 pips by the end of the week. For now the trend is still an uptrend so long prices don’t fall below 112.00 where there is a demand level. This week, prices may push as far as 114.50. Also this week, USDJPY would be affected by data released on Treasury yields and U.S stock indices.

Key levels: R1- 113.78, R2- 114.24, R3- 114.53. S1- 113.03, S2- 112.74, S3- 112.28

 

[vicknic]

Weekly Forex Analysis for Major Currency pairs
[URL deleted]
(May 21 to 26)

EURUSD
Last week, the EURUSD recorded gains of over 285 pips. This increase pulled the pair over 1.1200 where there is a support line. This move made the uptrend even stronger. Considering the movements from last week as well as the strengthening uptrend, prices may continue their increase this week pulling up as far as the resistance levels located at 1.1300 and 1.1350. One major event however that would contribute significantly to movement in this pair is the minutes of meeting to be released by the European Central Bank on Thursday. Traders will be looking at this for the possibility of the bank tampering its Quantitative Easing program considering the growing inflation in the eurozone.

Key Levels: R1- 1.1304, R2-1.1402, R3- 1.1593. S1-1.1015, S2-1.0824, S3-1.0726


USDCHF
The previous week, this pair suffered a decrease of 280 pips such that by Friday the pair had dropped below the resistance level located at 0.9750. So far the losses of the USDCHF have accumulated over 335 pips in last ten days. The trend for now is a downtrend with the possibility of the pair falling down below the support level located at 0.9650; possibly dropping down as far as the support level we have at 0.9600. One major event that could affect price movement in this pair is the FOMC Meeting Minutes which will be released on Wednesday. Traders will be looking at this for any prospects of interest rate changes considering that the US economy has of late been slowing down.

Key Levels: R1- 0.9920, R2-1.0117, R3- 1.0217. S1-0.9623, S2-0.9523, S3-0.9326



GBPUSD
The GBPUSD has been impressive of late continuing its good form last week such that by Friday it closed above 1.3000. This week however there is the possibility that prices may pull up as far as 1.3050 where there is a distribution territory. Further gains in this pair may be threatened if other GBP pairs go on a downslide. One major event that would contribute to movement in this pair is the Inflation Report Hearings which will be coming out on Tuesday. There traders will be looking at the testimony of the governor of the Bank of England, Mark Carney – beforea parliamentary committee. Traders would hope to see if the Bank of England is examining the prospects of pushing up interest rates.

Key Levels: R1- 1.3097, R2-1.3163, R3- 1.3279. S1-1.2915, S2-1.2799, S3-1.2733


USDJPY
The previous week, the USDJPY lost over 285 pips closing above 111.00 where there is a demand level. Such movement resulted in a forming downtrend. 109.50 may pose a barrier to further downward movement this week. One major event that would determine movement in the USDJPY is the testimony of former FBI chief Comey (who was fired by Trump) before the Senate Intelligence Committee. Any further revelations from him would make the dollar unstable again making traders rush at the safe haven yen.

Key Levels: R1- 113.32, R2-115.40, R3- 116.94. S1-109.70, S2-108.16, S3-106.08

 

[vicknic]

Weekly Forex Analysis for Major Currency pairs
(May 28th to June 2nd)

EURUSD
The previous week, the EURUSD experienced sideways movement between 1.1150 and 1.1250 which are support and resistance lines respectively. Prices attempted severally to break past these lines but such moves were not really successful. Moving on to the new week, it is possible that the EURUSD may break past the resistance level located at 1.1250 with the trend for the week being bullish. The fact that the US Federal Reserve officials are careful about interest rates hike has affected the dollar. For this week however, movement in the EURUSD could be affected by Consumer Price Index reading from major European nations France, Germany and Spain.

Key Levels: R1- 1.1245, R2-1.1310, R3- 1.1353. S1-1.1137, S2-1.1094, S3-1.1029


GBPUSD
Considering the long term, the trend is an uptrend. The sterling staggered last week as the effect of the Manchester terror bombing gripped the sterling. Between the first three days of last week, the GBPUSD experienced an equilibrium phase. The pair subsequently finished the week over 195 pips below the accumulation territory located at 1.3000. Likely to affect the pair this week is data on Manufacturing PMI to be released on Thursday.

Key Levels: R1- 1.2908, R2-1.3012, R3- 1.3079. S1-1.2737, S2-1.2670, S3-1.2566


USDJPY
Last week, there was no major movement in the pair making the long term trend neutral. Also last week, we saw the USDJPY making frantic efforts to break past 111.00 where there is a demand level. For this week however we expect the pair to suffer a decline breaking the demand level at 111.50 even breaking farther down to the other demand level located at 111.00. This week political events from the US would affect the pair especially with Trump returning from his overseas trip back home and his top aide Kushner getting embroiled in Russian allegations.

Key Levels: R1- 111.82, R2-112.32, R3- 112.80. S1-110.84, S2-110.36, S3-109.86


USDCHF
The USDCHF experienced consolidation last week which was more of a downward movement. Price hovered within the region bounded by the support level located at 0.9700 and the resistance level we have at 0.9800. The trend this week would be a downtrend with the US dollar losing strength against a stronger Swiss franc. There is a reasonable probability that the USDCHF will break below the support level we have at 0.9700. One event that would majorly affect the pair this week is the data on US Core PCE Price Index by Tuesday. The US Federal Reserve will be looking out for it to check the stats of the u.s inflation

Key Levels: R1- 0.9780, R2-0.9821, R3- 0.9865. S1-0.9695, S2-0.9651, S3-0.9610

 

[vicknic]

(June 4 - 11)

EURUSD
For the first two days of the previous week, there was sideways movement in the EURUSD pair. By the end of the week however the consolidation has ended with the pair pushing up past the resistance level located at 1.1250 aiming for 1.1300 resistance level. The trend for this weekend is an uptrend and it is possible prices may break past 1.1300. One event that will actively determine price movement in the EURUSD is the press conference of ECB president Mario Draghi. Traders will be looking at this to know if the ECB would soon end the quantitative easing program given the improved EU economy and increased inflation.

Key Levels: R1- 1.1340, R2-1.1399, R3- 1.1515. S1-1.1165, S2-1.1049, S3-1.0990


GBPUSD
The trend for the GBPUSD on the long term is an uptrend. Last week the pound was pressured by polls revealing that Theresa May is no longer the favorite to win the UK polls. On the short term, the trend is however neutral. For a trend to form this week the GBPUSD must pull past the accumulation territory located at 1.2700 or it pulls past the distribution territory located at 1.3050. For this week however, prices will be majorly affected by the UK elections. If Theresa’s party wins as many seats in the parliament, the GBPUSD would record massive gains, but if the Labor party wins, the pair may suffer a downslide.


USDJPY
There was sideways movement in the USDJPY the previous week. However by the end of the week, price chart showed a downward movement. With the previous week ending in a decline and the trend being a downtrend, prices may keep falling down this week breaching the support levels located at 109.50 even as far down to the level located at 109.00. There is no significant economic event for the pair this week except US JOLTS Job Openings data coming out on Tuesday. This will give us a hint at how soon the next interest rates hike would come from the US Fed.

Key Levels: R1- 111.31, R2-112.19, R3- 1.1515. S1-109.93, S2-109.43, S3-108.55

 

[vicknic]

(June 12-16)

EURUSD

The trend for this week is neutral. This is considering the sideways movement in the pair last week, consolidating between 1.1200 and 1.1300, both of which are resistance lines. By the end of the week, the EURUSD finished below the resistance line at 1.1200. It is possible prices may fall down this week dropping down to the support lines located at 1.1150 and 1.1100. One major event which could affect prices this week is the US Fed decision which will be released on Wednesday. Traders are expecting the Fed to announce new changes to the interest rate despite the slow US economy.

Key Levels: R1- 1.1264, R2-1.1333, R3- 1.1382. S1-1.1146, S2-1.1097, S3-1.1028



USDJPY

The pair dropped down for the first two days, managing to rise up by the end of the week. For this week the pair is expected to fall. It is possible for the pair to fall down this week to the demand level located at 109.50 even as far as down as 108.50 where there is another demand level. This week the pair would be very dependent on the political happenings in the U.S. The Comey testimony humiliated the Trump administration with the former FBI director calling Trump a liar. More scandals from the US would make traders lose appetite in the dollar rushing to the Japanese yen.

Key Levels: R1- 111.05, R2-111.78, R3- 112.75. S1-109.35, S2-108.38, S3-107.65



GBPUSD

The previous week, GBP pairs experienced significant pullbacks. Following the drop of 200 pips which the GBPUSD faced, a bearish confirmation pattern has formed in the pair. Investors expect the pair to fall further this week. Traders will be looking at the Retail sales data which would be released from England. This would give traders an idea of consumer spending. Consumer spending confidence has been one of the major pillars sustaining the sterling since the shock vote by Britain to leave the EU. A lower reading could send fear across traders leading to a decline of the sterling. This loss for the Sterling would be compounded further by the inconclusive results of the UK election.

Key Levels: R1- 1.2933, R2-1.3126, R3- 1.3276. S1-1.2590, S2-1.2440, S3-1.2247




USDCHF

Price last week stayed in the region bounded by the support level at 0.9600 and the resistance level located at 0.9700. By the end of the week, the USDCHF dropped down below 0.9700. Most major USD pairs are on a downtrend this week and would need a major pullback to revert the trend. One major event that would affect the pair is interest rates announcement that would be coming from the Swiss National Bank on Thursday. Although it is generally expected that the Swiss National Bank would maintain its negative deposit rate of -0.75%, any changes from the bank, will greatly affect the USDCHF.

Key Levels: R1- 0.9742, R2-0.9791, R3- 0.9856. S1-0.9628, S2-0.9563, S3-0.951

 

[vicknic]

(June 18 - 23) [URL deleted]

EURUSD
There was sideways movement in the EURUSD for last week which was more in the uptrend. However the trend for most EUR pairs is a downtrend. Therefore for this week, the downtrend would be strengthened if the pair falls down below 1.1100 where there is a crucial support line. For this week, it is possible for the EURUSD to drop down to the support line located at 1.1050, even as further down to the support level located at 1.1000. One thing that would determine price movement of this pair for this week and next is the release of euro zone surveys. Traders will be looking at the PMI reports of Germany and France to gauge the performance of the Eurozone economy.
Key Levels: R1- 1.1281, R2- 1.1370, R3- 1.1444. S1- 1.1118, S2- 1.1044, S3- 1.0955

USDJPY
At the beginning of the previous week, there was sideways movement in the pair. By the end, a weak uptrend was forming such that the USDJPY closed above 110.50 where there is a demand level. Most JPY pairs are facing a downtrend now, therefore any increase this week is unlikely to change the pair to an uptrend. Traders will be looking to the initial jobless claims to be published by the US later this week to know how well the US economy is growing.
Key Levels: R1- 111.91, R2- 112.97 R3- 114.53, S1- 109.29, S2- 107.73, S3- 106.67

USDCHF
By the end of last week, the USDCHF was making slight gains. But these gains are not very significant and are not strong enough to make the trend an uptrend. The condition for this to change is the USDCHF breaking above the crucial resistance level located at 0.9900. One thing that would determine price movement in this pair is statement coming from Fed Vice Chair Stanley Fischer, as well as other Fed officials like Boston Fed President Eric Rosengren. Such comments would give traders hint to the next rate hikes.
Key Levels: R1- 0.9792, R2- 0.9846 R3- 0.9922, S1- 0.9662, S2- 0.9586, S3- 0.9532

GBPUSD
There was increased volatility in the paid by the end of the previous week. This resulted in the pair being neutral for this week. For a clear trend to form, the GBPUSD needs to move significantly in one direction. Therefore for an uptrend to form, the GBPUSD needs to break past 1.2900 where there is a significant distribution territory. On the other hand, for the pair to form a downtrend, the pair needs to break past the accumulation territory located at 1.2600. Till this happens, the trend remains neutral. Price movement will also be affected by Brexit developments as traders look forward to the political drama and how the pull out will be carried out.
Key Levels: R1- 1.2847, R2- 1.2921 R3- 1.3026, S1- 1.2668, S2- 1.2563, S3- 1.2489

 

[vicknic]

Profiforex Weekly Forex Analysis for Major Currency pairs
June 25th - July 1st

EURUSD
There is no much movement from this pair. After moving between the resistance line at 1.1250 and the support line at 1.1100, no other significant movement was seen last week. The Dollar index fell to a fresh 12-day low at 96.80. It rose back above the 97 handle as the low summer trading volume is making it difficult for any type of price action to become sustainable. This led to a neutral bias that will hold until that range is breached. An up-move is most likely this week.
Key levels: R1 – 1.1203, R2 – 1.1208, R3 – 1.1215. S1 – 1.1192, S2 – 1.1185, S3 – 1.1181

USDJPY
The pair’s outlook is now neutral. Tomorrow's macroeconomic calendar won't be offering any data that could directly impact the pair's price action. Ahead of Fed Chairwoman Yellen's speech later in the NA session on Tuesday, the pair could continue to move in a consolidation channel. The bullish signal generated on June 15 was rendered ineffectual owing to an inability to push price upwards, and may result in a smooth bearish run before the end of this week as the outlook for JPY pairs is bearish.
Key levels: R1 – 111.35, R2 – 111.44, R3 – 111.54. S1 – 111.16, S2 – 111.05, S3 – 110.96

GBPUSD
Despite the initial reaction to the data, the overall market volatility remains very low on the first trading day of the week. Even the fresh developments from the U.K. couldn't help the pair find a short-term direction. The pair continued its the bearish trend that started on June 9. Price dropped to test the accumulation territory at 1.2600, and later bounced up, to close above the accumulation territory at 1.2700. Meanwhile, the outlook for this and certain other GBP pairs remains bearish for this week. Price may reach the accumulation territories of 1.2700, 1.2650 and 1.2600 - all of which were tested last week.
Key levels: R1 – 1.2749, R2 – 1.2755, R3 – 1.2764. S1 – 1.2735, S2 – 1.2726, S3 – 1.2720

EURJPY
A decline of the yen amid risk appetite and some resilience from the euro, particularly after the upbeat IFO survey data, helped price, move north Bullishness has been maintained, despite the odds against it. Price oscillated between the demand zone at 123.50 and the demand zone at 124.50 (formerly a supply zone) last week and, since price closed above 124.50, imminent bullish intent has been revealed.
Key levels: R1 – 124.69, R2 – 124.77, R3 – 124.91. S1 – 124.47, S2 – 124.33, S3 – 124.25

 

[vicknic]

Weekly Forex Analysis for Major Currency pairs
July 2nd - July 7th. [deleted]

GBPUSD
This pair saw a rise up to 310 pips last week and ended the week at 1.3000 on Friday. This week, the green back is having some good run, which is making the GBPUSD to dangle around the 1.2995 region. It seems the GBP is about to retreat 0.25 percent with PMI in view. The PMI for the month of June will be relevant to the movement of the pair. There could be further gains during the week, but for now the general outlook is bearish.
Key levels: R1 – 1.3026, R2 – 1.3036, R3 1.3046, S1 – 1.3006, S2 – 1.2995, S3 – 1.2985

EURUSD
The bullish breakout last week put an end to the neutral bias that had been in place since June 12 as price climbed more than 250 pips and almost reached the resistance line at 1.1450 before closing above the support line at 1.1400. A Bullish Confirmation Pattern has formed, making further bullish movements a possibility. The outlook on EUR pairs is bearish for this week, with a bearish run being likely before the end of this week.
Key Levels: R1 – 1.1427, R2 – 1.1433, R3 – 1.1438. S1 – 1.1416, S2 – 1.1411, S3 – 1.1405


USDCHF
There Is no significant movement this week for the USDCHF. Although last week saw a quick drop which tested the support level at 0.9550 before closing near the resistance level at 0.9600. Fundamental outlook shows bearish, but this could change if the EURUSD drops this week.
Key Levels: R1 – 0.9597, R2 – 0.9604, R3 – 0.9613. S1 – 0.9580, S2 – 0.9570, S3 – 0.9563

USDJPY
The pair showed burst strength and has now jumped to fresh new session at 112.80. There was a slow climb last week - testing the supply level at 112.50, but failing to close above it. The defeat of the Japanese Prime Minister during the Tokyo Metropolitan Assembly elections produced a bearish gap for the pair on Monday. However, such weakness was quickly in the past as the pair recovered back to almost one and half month highs as it did on Thursday last week.

The incoming US ISM manufacturing PMI would hold a great influence on the sentiment surrounding the dollar and would provide a fresh impetus for the USDJPY during the NA early sections. Analysts believe the pair would likely test 113.00 to 113.20 resistant levels.
Key Levels: R1 – 112.46, R2 – 112.59, R3 – 112.78. S1- 112.15, S2 – 111.96, S3 – 111.83

 

[vicknic]

Profiforex Weekly Forex Analysis for Major Currency pairs
July 9th - July 14th

EURUSD
The pair was on a bearish trend from Monday to Wednesday before rallying on Thursday, but closed on a bullish note on Friday. So far, the pair has managed to keep its upward movement, wavering around 1.1400 for now. It definitely needs to beat the 1.1450 region to keep up with its bullish trend. The bulls are losing patience with the EUR after several attempts to break through the critical level at 1.1450. The outlook is bullish for EUR pairs this week.
Key Levels: R1 – 1.1408, R2 – 1.1413, R3 – 1.1422. S1 – 1.1395, S2 – 1.1386, S3 – 1.1381

USDCHF
The pair attempted to push upward last week, breaching the resistant level at 0.9650. Its movement was put to a halt as the pair lacked strength to move past the dominant bias. When the EURUSD came on strong, it caused the USDCHF to take a nose dive on Thursday. The Trend outlook for this pair is still bearish. Meanwhile, there is potential to move towards the 200 EMA once the immediate support represented by the 50 EMA is taken out.
Key levels: R1 – 0.9644, R2 – 0.9651, R3 – 0.9656. S1- 0.9639, S2 – 0.9628, S3 – 0.9622

GBPUSD
Last week Friday the cable dropped from a high of 1.2975 and Forex strategists thinks it would likely remain neutral, navigating between 1.2800 and 1.2975. This pair is bullish in the long-term and bearish in the short-term. Price dropped 110 pips last week and closed below the distribution territory at 1.2900. The outlook for GBP pairs is strongly bullish this week and it is likely to test new high levels.
Key levels: R1 – 1.2896, R2 – 1.2903, R3 – 1.2912. S1 – 1.2880, S2 – 1.2871, S3 – 1.2864

USDJPY
The pair reached a level close to the supply line at 114.06 after a massive 510 pip gain from June 14. Analysts believe that the pair would likely break above 114.36, equaling May high. If it reaches that level, we are likely going to see the price jumping from 114.50 to 115.00. Therefore, this pair is on a bullish trend this week, unless something big happens.

Key Levels: R1 – 114.04, R2 – 114.16, R3 – 114.24. S1 – 113.83, S2 – 113.75, S3 – 113.63.

.

 

[vicknic]

Profiforex Weekly Forex Analysis for Major Currency pairs
July 16th - July 22th

EURUSD
The EURUSD has been moving upward since June 27 and it has kept its strength, getting close to a support level at 1.1450 by the end of last week Friday. It tested the 1.1470/75 level during overnight trading at the end of last week. Starting this week, it is posting a marginal loss sliding down to 1.1460. The little loss was a result of adjustments from market participants to Friday’s poor results on U.S. inflation figures for the Month of June. This pair is losing 0.05% on Monday and a breach of 1.1439 could trigger a slide down to 1.1413/1.1369.

Key levels: R1 – 1.1477, R2 – 1.1481, R3 – 1.1486. S1 – 1.1467, S2 – 1.1462, S3 – 1.1458

GBPUSD
It was a slow week for the GBPUSD, but a sharp movement was seen on Friday as it gained 240 pips. This week, the pair took a dive down as the U.S. dollar recovers, pushing the pair down to daily lows of 1.3089. Investors await the sentiment on the European market for fresh outlook later today. Brexit talks phase 2 starts today in Brussels, which would also affect prices depending on the outcome. The pair could get on its way to hit 1.3170 considering the bullish outlook of other GBP pairs.

Key Levels: R1 – 1.3117, R2 – 1.3125, R3 – 1.3135. S1 – 1.3100, S2 – 1.3089, S3 – 1.3082


USDCHF
The pair pulled back from a near three-week top, but has been seen to regain its momentum and traded positively at the start of this week. The market is bearish in the long term and now it is bullish on the short term. Thanks to the disappointing CPI and sales reports, this has been the driving force of the pair as it moved up on Monday, early European session. To end its long term bearish outlook, the pair needs to breach the 0.9750 resistant levels. On the other hand, it could move below 0.9550 for a convincing bearish move.

Key Levels: R1 – 0.9643, R2 – 0.9650, R3 – 0.9650. S1 – 0.9629, S2 – 0.9622, S3 – 0.9615


USDJPY
Bearish movement threatened the current bias for the USDJPY last week. At the start of this week, it recovered part of Friday’s loss (near two-week lows). A little recovery from the U.S dollar helped the pair to a positive bias on Monday, European session. The pair is currently placed at sessions tops near 112.75/80. If price drops below the demand level at 111.50, then a Bearish Confirmation Pattern will form, and only a strong rally can remove the threat to the current bias. On the other hand, if the pair sustains the 112.75/80 area, it could move above the 113.00 handle.

Key Levels: R1 – 112.48, R2 – 112.71, R3 – 112.80. S1 – 112.34, S2 – 112.26, S3 – 112.12

 

[vicknic]

Profiforex Weekly Forex Analysis for Major Currency pairs
July 23rd - July 28th

EURUSD

Last week, the pair gained 210 pips and closed above the support line at 1.1650. Following the release of the EMU’s PMI on Monday, there is a recovery in the demand for the dollar and this forced the pair to fall from a near high of 1.1690 to 1.1640 regions. Meanwhile the pair is likely test the resistance lines at 1.1700, 1.1750 and 1.1800 this week.
Key Levels: R1- 1.1690, R2 – 1.1699, R3 – 1.1714. S1 – 1.1667, S2 – 1.1652, S3 – 1.1643.


GBPUSD
The pair begins this week on a positive note, moving upward again to 1.3000 as it awaits the opening bell. It tested the distribution territory at 1.3100 last week before a correction that took it to 1.2950. Concerns over the UK politics and Brexit seem to have eased, and this is why the Pound found its feet again. Movement above the distribution territory at 1.1300 will help restore bullish confidence, but movement below the accumulation territory at 1.2800 could result in a bearish bias. Presently the pair is gaining 0.20% at 1.3040, which opens the door to 1.3115 and 1.3127.
Key Levels: R1 – 1.3014, R2 – 1.3022, R3 – 1.3033. S1 – 1.2995, S2 – 1.2984, S3 – 1.2976.


USDJPY

The pair is yet to recover from 4-week lows and remains near the 111.20 region after the European stocks opened this week. Price dropped 140 pips last week (330 pips since July 11), tested the demand level at 111.00, and will most likely breach it this week. The Hawks could be disappointed this week as investors await the FOMC policy decision due on Wednesday. The pair’s movement is very much uncertain, but there is a strong chance that price will fall further due to the concerns about the US political affairs.
Key Levels: R1 – 111.10, R2 – 111.32, R3 – 111.43. S1 – 110.77, S2 – 110.66, S3 – 110.44.


EURJPY

The pair has shown little or no movement as it flirts around the 129.00 handle. Previously the pair recorded some gains after the ECB actions, but there a reversal and this is still maintained on Monday. Investors are under pressure to sell since the EURO-zone PMI prints failed to boost the pair. However, the Euro strength has allowed the bullish bias to hold but, this week, the supply zones at 130.50 and 131.00 will likely be tested. On the other hand, if the 128.55/50 region is breached; the price could slide towards 128.00 and down.
Key Levels: R1 – 126.59, R2 – 129.88, R3 – 129.99. S1 – 129.59,, S2 – 129.30, S3 – 129.12.

 

[vicknic]

Profiforex Weekly Forex Analysis for Major Currency pairs
July 30th - August 4th

EURUSD

The Pair climbed 100 pips to 1.1750, but failed to test the 1.1760 region in the process. It even went lower again towards 1.1700 levels as the Dollar recovered across the board. However, the Euro is starting to recover, attempting the 1.1750 levels as traders react negatively to the US GDP report showing a lack of interest in the dollar. The EURUSD will likely reach a price of 1.1800 and 1.1850.
Traders are looking forward to the Eurozone flash CPI figures, which will determine the ECB next move and direction of the EURUSD pair. What is the outlook of the EURUSD for this week? Well, it is a tough call! TDS analysts are of the view that the pair will fall back toward the 1.1300 handle if it breaches 1.1620-1.1600 support zone.
Key levels: R1- 1.1757, R2 - 1.1768, R3- 1.1774. S1 - 1.1740, S2- 1.1735, S3- 1.1724

GBPUSD
At the start of the new week, the dollar danced around one month low, but the GBPUSD traded above the 1.3100 handle, almost a yeah high. The distribution territory at 1.3150 was repeatedly tested last week and may be breached this week as the distribution territories at 1.3200 and 1.3250 are targeted. Fundamentally, the GBP seems to have a high advantage over the USD following the uninspiring GDP report which promoted a lack of confidence in the Fed's ability to raise interest rates. Technically the pair's outlook for this week is bullish.

There are some expected events this week, including the BoE monetary policy decision and the NFP print. Both event will be crucial for the GBPUSD next direction.
Key Levels: R1- 1.3154, R2- 1.3165, R3- 1.3179. S1- 1.3128, S2- 1.3114, S3- 1.3103.


USDJPY

Last week Friday, the pair fell to a low of 110.55 due to heightened geopolitical tensions in the Korean Peninsula. It also tested the supply level at 112.00 before dropping to close below the demand level at 111.00. The next target is the demand level at 110.50, which should easily give way as the demand levels at 110.00 and 109.50 are targeted. The outlook on JPY pairs is bearish throughout August, so long trades are not recommended. On Monday, the pair has shifted from neutral to bearish, looking to test the mid 109.00s.
Key Levels: R1- 110.65, R2- 110.81, R3- 110.89. S1- 110.41, S2- 110.33, S3- 110.17


USDCHF

The pair may have drifted to the 0.9660 region last week, but has retraced it steps and it is now trading with small gains for a third straight session. Traders can now hope to see it reach the 0.9700 handle. The CHF is weak, causing most of its pairs to gain higher last week. Today the U.S economic data, Chicago PMI and homes sales data will be released. This will probably serve as impetus to traders on USDCHF next move. This week, the pair is Bullish and it is likely to continue that way till Friday. The resistance levels at 0.9750 and 0.9800 should be tested.
Key levels: R1- 0.9704, R2- 0.9715, R3 - 0.9728. S1- 0.9681, S2- 0.9669, S3 0.9657.


EURJPY

The pair has failed to record significant movement since last week. A short term neutrality has been formed over the last two weeks. The outlook for his week seems to be bearish, but only a slight movement is expected. There is nothing huge happening for the EUR and JPY this week. If the price reaches supply level at 130.50, there will be a Bullish Confirmation Pattern and movement below the demand zone at 128.00 will result in a bearish bias. The August outlook for JPY suggests a break downwards.
Key Levels: R1- 130.04, R2- 130.25, R3- 130.37. S1- 129.71, S2- 129.59, S3- 129.38

 

[vicknic]

Profiforex Weekly Market outlook on Major Currency pairs
August 27 - September 1

EURUSD
The pair keeps its march north unabated on Monday, now looking to consolidate the recent breakout of the 1.1900 handle following the speech by President Draghi at the Jackson Hole Symposium on Friday.

Further weakness around the greenback continues to bolster the upside momentum surrounding spot, which is now seems to have shifted its focus to the critical 1.2000 handle. The US Dollar Index, on the other hand, is navigating the area of fresh YTD lows near 92.30.

The outlook is bullish in the long term. The resistance line at 1.2000 will try to impede any bullish movement as the outlook for this pair is bearish this week

Key Levels: R1- 1.1956, R2- 1.1968, R3- 1.1975. S1- 1.1936, S2- 1.1929, S3- 1.1917.


USDCHF
Senior Technical Analyst at Commerzbank, believes the pair could re-test the 0.9444/39 band. The view is bearish in the long term. “As long as the .9583/40 area holds on a daily chart closing basis, the current August highs at .9770/72 could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.
“Only failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”. So further decline is in view, however, a sharp drop in the EURUSD will cause a significant rally.

Key Levels: R1- 0.9563, R2- 0.9570, R3- 0.9580. S1- 0.9546, S2- 0.9536, S3- 0.9529




GBPUSD
There has been about 450pip loss for the GBPUSD, which produced a Bearish confirmation pattern. The pair will remain bearish as the GBP bulls remain cautious and refrain from extending their control, with looming Brexit concerns. It will be an opportunity to sell unless there is an unexpected event when the EU officials meet for the third round of Brexit negotiations. There is possibility of more rallies, but GBP pairs will be mostly bearish in September

Key Levels: R1- 1.2920, R2- 1.2937, R3- 1.2947. S1- 1.2892, S2- 1.2883, S3- 1.2865



USDJPY
Key quote: “Albeit USD/JPY fell a tad on Yellen’s speech, we note that Bank of Japan’s Kuroda also took the opportunity in Wyoming to stress devotion to accommodative policy and emphasized that the BoJ is watching policy moves elsewhere but that policy must be right for Japanese conditions”.

Last week was an equilibrium phase, so while the overall outlook is bearish, the weakness in USD prevented a meaningful rally. Further decline is anticipated this week with the next targets being the demand levels at 109.00, 108.50 and 108.00. Rallies should either be ignored or approached with caution.

Key Levels: R1- 109.47, R2- 109.57, R3- 109.72. S1- 109.22, S2- 109.07, S3- 108.97

 

[vicknic]

Profiforex Weekly Market outlook on Major Currency pairs
September 3rd - 8th

EURUSD
At the start of last week, price went up and tested the resistance line at 1.2050, then a bearish correction pulled it down to about 200pips below. This week, the pairs outlook is bullish in the long term and bearish in the short term. It will not be easy for the pair to cross the resistant line at 1.2050, rather there are potential targets of 1.1850 and 1.1800 support lines. Looking ahead, market participants are very cautious as the key ECB meeting on Thursday approaches. On the technical side, a break above 1.1904 would pave way to 1.1981 and 1.2069.

Key Levels: R1- 1.1889, R2- 1.1895, R3- 1.1902, S1- 1.1875, S2- 1.1868, S3- 1.1861.


USDCHF
The pair has failed to move past the support level at 0.9450 and resistant level at 0.9650 for about 5 weeks now. This week is probably going to be an exception, as price could break the resistant level at 0.9750 or the support level at 0.9450. The outlook for the USDCHF remains neutral.

Key Levels: R1- 0.9622, R2- 0.9632, R3- 0.9648. S1 0.9595, S2- 0.9579, S3- 0.9568


GBPUSD
The GBPUSD remains bearish on the long term and is expected to test the accumulation territories at 1.2900 and 1.2800. Market participants now look toward the release of construction PMI from the UK for some trading impetus during the European session on Monday. The U.S market will remain closed in observance of Labor Day.

Key Levels: R1- 1.2960, R2- 1.2976, R3- 1.2987. S1- 1.2954, S2- 1.2943, S3- 1.2937


USDJPY
The pair was seen moving up and down its demand and supply level last week. The demand level at 108.50 was tested before a reversal that took the price back to supply level at 110.50. The pair closed on Friday last week above the demand level at 110.00. This week, the pair is expected to be bearish. Movement below the demand level at 109.00 will trigger the current bias. Any recovery attempts might continue to trigger some fresh supplies near the 110.00 handle. One of the key factors weighing on the USDJPY is the escalated geopolitical tensions in North Korea, but it has made some gains because of the U.S treasury Yield bonds.

Key Levels: R1- 109.99, R2- 110.14, R3- 110.37. S1- 109.60, S2- 109.37, S3- 109.22.

 

[vicknic]

Market Outlook - September 10 - 15.

EURUSD

Last week Friday, investors retreated from the dollar in favor of other less important currencies in fear of another missile testing by North Korea. This could lead to more issues with the United States, a bad sign for the dollar. Price climbed about 200 pips last week, moving briefly above the resistance line at 1.2050 but closed below it on Friday. The consensus in the market is that the euro is on track for more gains after European Central Bank President [ECB] Mario Draghi made it clear that it is not a question of if but a question of when they would start tapering asset purchases.
The EURUSD is likely to gain another 200pips this week with pauses and corrections along the way.

Key Levels: R1- 1.2026, R2- 1.2034, R3- 1.2041. S1- 1.2010, S2- 1.2003, S3- 1.1995


GBPJPY

The environment is quite choppy so it would be better to wait until it breaks and stays above the supply zone at 142.60, which it is now exploring. The most probable direction this week is upward. No North Korea action over the weekend has offered some relief, although it could be short lived as North Korea warned of a punitive action if US pursues oil sanctions. Thus, things could easily heat up again. So, the pair looks bearish on the long term and neutral on the short term.

Key Levels: R1- 143.04, R2- 143.31, R3- 143.56. S1- 142.51, S2- 142.27, S3- 141.99.


USDCHF
At the start of this week, the pair has recovered all its losses on Friday and has caught some fresh bids. The pair’s movement above the 0.95 psychological marks was as a result of new demands in the greenback. The Swiss Franc lost its strength as there was no news or new development in the North Korea Crisis over the weekend. A follow through buying interest has the potential to continue lifting the pair towards 0.9525-30 resistance area en-route 0.9555-60 horizontal resistance.

Key Levels: R1- 0.9484, R2- 0.9489, R3- 0.9499. S1- 0.9468, S2- 0.9458, S3- 0.9453



GBPUSD

The Pair’s outlook is bullish after rallying more than 280 pips last week, testing the distribution territory at 1.3200, and closing slightly below it. Late last week, the pair went dip to the 1.3168 level, but it is now gaining some traction and looking to reclaim the 1.3200 handle during early European session. Investors are cautious this week, waiting for the macro releases from the U.S. and UK, along with a very important BoE monetary policy decision. The GBPUSD is likely to reach the distribution territories of 1.3250, 1.3300 and 1.3350 is this week.

Key Levels: R1- 1.3200, R2- 3208, R3- 1.3217. S1- 1.3182, S2- 1.3174, S3- 1.3165.



USDJPY

The pair lost 210 pips last week and tested the demand level at 107.50 before closing above it. Still, with eased concerns regarding the political conflict in North Korea, safe haven currencies were a little bit weighed down. Notwithstanding, the outlook for the JPY pairs remains bullish this week. Fxstreet analysis suggests that “Immediate support is pegged near 108.25-20 zone, below which the pair could drift back to the 108.00 handle en-route 107.70 horizontal support. On the flip side, a strong follow through buying interest beyond the 108.50-60 region now seems to pave way for continuation of the pair's recovery move towards the 109.00 handle ahead of 109.25 level”

Key Levels: R1- 108.45, R2- 108.67, R3- 108.83. S1- 108.07, S2- 107.91, S3- 107.70

 

[vicknic]

Weekly Forex Market outlook on major pairs

Sept 24 - 29

EURUSD

The EURUSD attempted to move past its resistant level several times last week, but to no avail. So it remained neutral. From a technical perspective, the pair has been finding some buying interest at a short-term ascending trend-channel support, currently near the 1.1900-1.1895 region. A convincing break below the mentioned support is likely to accelerate the fall towards the lower end of the recent trading range, near the 1.1830-25 region, which if broken would confirm a bearish break down and turn the pair vulnerable to extend its corrective slide from yearly tops touched earlier this month.

Key Levels: R1- 1.1937, R2- 1.1948, R3- 1.1967. S1- 1.1907, S2- 1.1887, S3- 1.1877.



GBPUSD

The weekly outlook for this pair is set to remain bullish this week. After consolidating all through last week, it is possible that more gain will be registered.
The distribution territory at 1.3650 (tested last week) is likely to be breached as other distribution territories are targeted this month.
On the downside, the pair has been finding some fresh buying interest near the 1.3450-40 region and hence, it would be prudent to wait for a decisive break below the mentioned support before confirming that the pair might have topped out in the near-term.
Sustained weakness below the mentioned support might trigger a corrective slide and accelerate the fall towards the 1.3400-1.3380 intermediate support before the pair eventually drops to test the 1.3300 handle.

Key Levels: R1- 1.3504, R2- 1.3540, R3- 1.3559. S1- 1.3487, S2- 1.3468, S3- 1.3451.


USDJPY

The USDJPY tested the supply level at 112.50 and gained about 150 pips last week before a little correction occurred. This week, the pair stands above 200SMA (112.13) in early Monday's trading and turning near-term focus higher, following Friday's close in red. Thickening daily cloud (111.54/110.43) continues to provide strong support (Friday's fall was contained just above cloud top) and underpin near-term action, as daily studies remain in firm bullish setup. Close above 200SMA will be bullish signal for retest of last week's high at 122.71 and attack at 112.80 target (Fibo 76.4% of 114.49/107.31 fall). Buying dips remains favored while daily cloud top holds. Alternative scenario sees risk of deeper pullback on firm break below daily cloud top and extension towards next support at 111.11 (rising daily Tenkan-sen/100SMA).

Key Levels: R1- 112.60, R2- 112.73, R3- 112.97. S1- 112.22, S2- 111.98, S3- 111.85


EURJPY
The EURJPY looks bullish on the long run and short term. There were about 190 pips gained last week, which was corrected on Friday.
Bulls would be eyeing for a sustained move beyond the 134.00 handle, above which the cross is likely to aim towards surpassing the 134.20-25 intermediate hurdle and head towards testing Nov. 2016 swing high resistance near the 134.60 region.

Key Levels: R1- 134.38, R2- 134.63, R3- 135.10. S1- 133.66, S2- 133.19, S3- 132.94