GENERALISED FOREX FORECAST FOR 22–26 DECEMBER 2014. The forecast for the previous week was confirmed by 100%.

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, it can be concluded that… we are at the brink of Christmas and so the main currency pairs shall prefer to spend the time before the holidays in a lulling sideways trend (unless, of course, something extraordinary happens):

- the EUR/USD pair will oscillate around the line of 1.2270 ÷ 1.2280, most likely gravitating downwards in an effort to break through the level of 1.2200;

- the same can be said about the GBP/USD pair, whose target will be the level of 1.5530;

- the USD/JPY pair, most probably, will after all try to reach the height of 120.00, although in the first half of the week it may fall to 118.50 and even to 117.50;

- and, finally, the last pair in our review - USD/CHF, will, with a high probability, remain in a sideways trend, moving along the level of 0.9800.

***

As for last week’s forecast, we can say that it was practically confirmed by 100%:

- the EUR/USD pair completely followed the predicted trends – first it rose, breaking through the level of 1.2500, and then crashed downwards – first to the 1.2375 mark, and then even further, finishing the week at the 1.2225 mark;

- regarding the GBP/USD pair the forecast also turned out to be correct – the pair continued its sideways movement in the corridor, the boundaries of which had already been set in November;

- similarly, the behaviour of the USD/JPY pair was fully predictable – completing a rebound, it rushed upwards, although it didn’t quite reach the set target of 120.65 and finished the week at the 119.53 mark;

- and, finally, the USD/CHF pair also behaved extremely obediently - pushing off from the support level of 0.9575, it made a powerful stride upwards, breaking through the level of 0.9800.

Roman Butko, NordFX & Sergey Ershov