Generalizing the opinions of 35 analysts from world leading banks and broker companies collected in the table as well as forecasts based on different methods of technical and graphical analysis, the following can be concluded:
- from the 17th to the 21st of November the EUR/USD pair will once again be testing the level of 1.2400, although at the start of the week a small growth to the level of 1.2550 is possible;
- concerning the GBP/USD pair we can predict a sideways trend with sliding downwards to the level of 1.5580. At the same time graphical analysis displays a possibility of a short growth to the 1.5725 mark;
- the USD/JPY pair is probably going to duplicate its behavior in the previous two weeks, strengthening the dollar by other 100.0÷120.0 points and reaching the level of 117.30;
- but opinions regarding the USD/CHF pair diverge. An attempt to sum them up shows a sideways movement with quite strong volatility and a tendency to decrease to the level of 0.9550.
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As for last week’s forecast:
- regarding the EUR/USD pair it was only partly confirmed. However, those traders who took it into account if not won, should not have lost either. To remind you, for 10-14 November, analysts predicted a sideways trend with a small decrease, while indicators unanimously pointed downwards. As predicted, as early as Monday-Tuesday the pair made an attempt to break through the level of 1.2400 and then repeated this attempt on Friday, both times unsuccessfully. As a result the week finished exactly in the region of the predicted rebound: 1.2510÷1.2540;
- as for the GBP/USD pair the opinions of both analysts and indicators were unequivocal – downwards and only downwards to the level of 1.5760, which is what happened with 100% accuracy;
- the USD/JPY pair was predicted to repeat the scenario of the first week of November – sideways movement with definite growth. If you compare the weekly graphs you will see that they practically repeat each other;
- and, finally, the USD/CHF nearly mirrored the behavior of EUR/USD: it got close to its goal of 0.9700 twice, but near the very end of Friday it rolled down to last week’s minimum due the news from the USA.
Roman Butko, NordFX & Sergey Ershov
