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,we must state that according to the “hands” symbol, more than a third of the analysts are at a loss. However the remaining specialists are much more unanimous in their predictions than they were before. And so:
- regarding the future of the EUR/USD pair, the forecast remains the same - downwards, in the hope of reaching the level of 1.0000 by the end of April. Next week, the pair may fall to the zone of 1.0600÷1.0750, where it will stabilise for some time;
- approximately the same thing can be expected for the British Pound: the majority of analysts predict a fall to the level of 1.4700 for the GBP/USD pair;
- but for the USD/JPY pair the forecasts of the analysts and of the indicators directly contradict each other. And yet, there is a significant possibility of a “bullish” trend and striving to conquer the height of 120.50;
- it is not at all excluded that the graph of USD/CHF will be very similar to the graph of USD/JPY, like last week. In any case, analysts unanimously expect a return of the pair to the 1.0000 mark. However, the forecast for next week is a bit more modest and consists of the growth of the pair to 0.9750 or a bit higher to 0.9800.
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As for last week’s forecast:
- when predicting the behaviour of the EUR/USD pair, we did not exclude the continuation of the short-term increasing trend up to the zone of 1.0915÷1.1040, after which, as we wrote, everything should return to normal. As expected, the pair quickly grew to the level of 1.1030 and then entered a sideways trend, remaining strictly in the set limits, after which it obediently returned to the level of the beginning of the week;
- the forecast regarding the GBP/USD pair was also confirmed, which, under “bearish” pressure, remained in a sideways corridor all week;
- yet regarding the USD/JPY pair, the predicted fall was somewhat delayed, and the pair only started to win back its losses on Thursday, having only grown to the average level of February by the end of the week;
- a rare event occurred, with the USD/CHF weekly graph practically repeating the USD/JPY graph, which, overall, matches the first of the scenarios we offered - at first strictly downwards, and then strictly upwards. But, in all honesty, the movement upwards does not look too convincing so far and needs to be confirmed in the coming week.
Roman Butko, NordFX & Sergey Ershov
