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 noticed that this week sharp changes in the levels are not expected for any of the pairs, and that all of them will be prone to sideways movement. However, some trends may be noted:
- this week, the EUR/USD pair, most probably, will continue aiming to get nearer to the 1.1550 mark and even to 1.1600, but is most likely to reach them only in the beginning of March. The main level of support for this pair will be 1.1265, from which it will be pushing off;
- the GBP/USD pair can expect sideways movement in the range of 1.5340÷1.5500. It is crucial to note here that there is a strong discrepancy between the readings of various indicators, with some being for the steady growth of the pair, whilst others do not exclude the possibility of its fall at the start of the week to the level of 1.5200 with a following rebound to the 1.5400 mark;
- the strong level of support for USD/JPY will still be around 118.15÷118.40, and the pair will continue to demonstrate its striving upwards, although this week the target will be quite modest – 120.50;
- yet for the USD/CHF pair the forecast for the third week running remains the same - continuation of a sideways trend with the prevailing of "bullish" trends and the nearest target being located at the 0.9555 mark this time. However, it should be noted that it is not excluded that having broken through support at the level of 0.9200, the pair will rapidly fall to the vicinity of 0.9000 where it was a month ago.
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As for last week's forecast, it was fulfilled if not by 100%, then by 90%. To remind you, we had predicted a sideways trend with striving upwards for all four pairs:
- as predicted, the EUR/USD pair fell a bit below the level of 1.1340 on Monday, bounced off it and rushed up to the desired heights. Truth be told it did not reach the set target of 1.1550, and being unable to pass the 1.1450 mark, it returned to the support level of 1.1340. The pair conducted similar fluctuations several times, and then, having "remembered" that we predicted a sideways trend, finished on Friday at the level of the start of the week;
- the GBP/USD pair behaved in exactly the same way - at first, following our forecast, it collapsed to the level of 1.5340, and then climbed up to the upper floors of the sideways corridor and returned to the levels of Monday;
- the USD/JPY was also really obedient, diligently bouncing off the level of 118.40 and holding itself in a sideways trend. As expected, the assault of the height of 121.00 has been postponed for the future;
- as for USD/CHF, we predicted this pair a sideways trend with a smooth growth to the level of 0.9400. However, the "bears" turned out to be slightly stronger than expected and, with small steps, the pair climbed to the level of 0.9530. However, it rethought its actions and, to not let us down with our expectations, with the help of the Greek Finance Minister Yanis Varoufakis quickly fell to the specified zone of 0.9400 on Friday evening.
Roman Butko, NordFX & Sergey Ershov
