Generalising in a table the opinions of 35 analysts from world leading banks and broker companies and forecasts based on different methods of technical analysis, the following can be concluded:
- for 10 to 14 November, the most probable movement of the EUR/USD pair is downwards to the level of 1.2300÷1.2340; while a temporary growth to 1.2510÷1.2540 is not excluded.
- approximately the same can be said about the GBP/USD pair, the main trend being a fall to the level of 1.5760; the strongest level of resistance for this pair being 1.6000.
- for the USD/JPY pair analysts predict a sideways trend; while technical analysis indicators for the most part predict a continuation of the strengthening of the dollar. Most probably last week’s scenario will be repeated – a small growth on the background of sideways movement.
- USD/CHF will carry on striving to rise above the key level of 0.9700.
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As for last week’s forecast:
- the forecast for EUR/USD showed a fall to the level of 1.2470, which is what happened, although the fall proved to be more rapid – the pair finished at a level of 1.2454.
- the black candle for GBP/USD was also confirmed and the pair ended the week at a level of 1.5872 – next to the predicted support level.
- for the USD/JPY pair sideways movement with a definite growth was predicted, but in reality the dollar was strengthened fairly more than expected.
- and finally the USD/CHF pair fully confirmed the forecast, having held a sideways trend all week, albeit with relatively high volatility for this pair.
Roman Butko, Forex Broker Company NordFX
& Sergey Ershov
