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 expected:
- that the EUR/USD pair will continue striving downwards to the 1.1100 mark, although the opinions of analysts were divided almost equally: a third predict growth of the pair, a third - its fall and a third - a sideways trend;
- the situation with the GBP/USD pair is similar, although “bearish” tendencies look more convincing in this case;
- regarding the USD/JPY pair, there is no consensus this week either among analysts or among indicators, something that happens very rarely. In this case, the choice is between sideways movement and the long time striving of the pair into the zone of 119.00÷121.00, which, most probably, will be achieved after all;
- but for the USD/CHF pair both analysts and indicators predict a return to the level of autumn last year, while, most probably, this week will also see strong volatility, with intraday fluctuations reaching 150.0 and even 200.0 points.
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As for the last week’s forecast:
- we predicted for the EUR/USD pair a fall to the level of 1.1100 and a possible growth to 1.1380÷1.1460, which is what happened, just in the reverse order: first the pair slipped down to the 1.1094 mark, and only after that rebounded to 1.1420, after which it calmed down and entered a sideways trend with the upper boundary of 1.1380;
- the rebound of the GBP/USD pair predicted for the beginning of the week did happen, but turned out to be considerably more powerful than had been expected. As a result another attempt of the pair to fall to the bottom mark of 1.4900 failed and the pair was thrown off to the level of the beginning of the week – 1.4986;
- as anticipated, the USD/JPY pair made an attempt to reach its nearest goal of 119.0 but, being weakened at the level of 118.66, it took a break and entered a sideways trend;
- as for the USD/CHF pair, it decided to partly win back “Black Thursday” losses and, rushing upwards, quickly achieved the predicted level of 0.9000, stayed there for three days and then dashed even higher, soaring up by almost 300 points and reaching the 0.9285 mark by Friday.
Roman Butko, NordFX & Sergey Ershov
