Generalising the opinions of 35 analysts from world leading banks and broker companies collected in a table as well as forecasts based on different methods of technical and graphical analysis, the following can be concluded:
- between November 24 and 28, while securing itself at a level of 1.2400, the EUR/USD pair will be in a sideways trend. At the same time a decrease to the 1.2350 mark is possible;
- a sideways trend can also be predicted regarding the GBP/USD pair with strengthening volatility in the corridor of 1.5575÷1.5720 towards the middle of the week;
- the USD/JPY pair, most probably, will once again strive to the height of 118.75÷119.00, after which a retreat to the level of 115.70 will follow;
- and finally, concerning the USD/CHF pair: after several weeks of deliberation, both analysts and indicators have reached the consensus that it will continue moving upwards to a level of at least 0.9740.
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As for last week’s forecast:
- as for the EUR/USD pair, in general, it was fully confirmed. Both the predicted growth at the start of the week and the fall to the level of 1.2400 occurred. And although the upper boundary of the range turned out to be slightly higher than the calculated one (1.2550), we can say that the pair worked within the prescribed limits, finishing the week with the long awaited spectacular break of the lower plank of 1.2400;
- as for the GBP/USD pair, a sideways trend with possible growth to the 1.5725 mark and sliding down to the level of 1.5580 was predicted, which is what happened. Having taken a valiant swoop on the top boundary of 1.5580, on Monday morning already the pair began rapidly rolling down, stopping on the 19th of November at the 1.5590 mark and then rebounding to the levels of the beginning of the week;
- as predicted, the USD/JPY repeated precisely its behaviour over the previous two weeks, breaking through the 117.30 mark on Wednesday and strengthening the dollar by another 160.0 points;
- regarding the USD/CHF pair the opinions of the analysts and the indications of the systems of technical analysis diverged. Even so, strong volatility for this pair with a possibility of a fall to the level of 0.9550 was predicted. The range of the fluctuations of the exchange rate indeed turned out to be strong – over 175.5 points, while the pair frequently approached the 0.9550 mark.
Roman Butko, NordFX & Sergey Ershov
