GENERALISED FOREX FORECAST FOR 16 – 20 MARCH 2015 OUR PREMONITIONS WERE RIGHT!

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 noted that... analysts are still at a complete lost, not knowing quite what to expect from the market. Unlike the analysts, indicators and our own intuition send pretty clear signals regarding the coming week:

- there is hardly any distance left for the EUR/USD pair to cover until the coveted mark of 1.0000, towards which, most probably, it will be striving for in the nearest future. However, in the medium term, analysts come out of their stupor and quite unanimously predict a rebound upwards to 1.1000÷1.1200 over the next few weeks;

-as for the GBP/USD pair, it can be expected that the proud Brit will unwillingly follow the sinking “Titanic”, namely the Euro;

- the USD/JPY pair will seek to break out of its sideways trend and rise from the corridor of  120.90÷121.65 to the next tier - 121.50÷122.50. It is quite possible that it will quickly achieve yet another one of its targets – 123.00. The main support will be in the zone of 120.65÷120.80;

- regarding the USD/CHF pair, the plan remains as it was before – upwards to the height of 1.0250, hoping to fully compensate for the losses of January’s “Black Thursday”.

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As for last week’s forecast, we can note that our gut feeling was right. Recall that seven days ago we predicted two pairs (EUR/USD and USD/CHF) to level off around 1.0000. As a result:

- the EUR/USD pair fulfilled the target by 50%, falling by 400.0 points. Just as much remains until the coveted number one;

- as for USD/CHF, this pair actually surpassed the plan, reaching the height of 1.01250 on Thursday;

- the GBP/USD pair, going by the forecast overall, followed USD/CHF and also exceeded the week’s plan. As predicted, it rose by 100.0 points on Monday and then rolled downwards, reaching the mark we specified by Thursday – 1.4910. A new rebound by 100.0 points followed, after which the pair fell to the level of 1.4750;

- we expected the USD/JPY pair to rise to the zone of 121.80÷122.50, which is what happened – the pair reached the highlight mark of 122.00, and then entered a sideways trend in the corridor of 120.90÷121.65.

Roman Butko, NordFX & Sergey Ershov