First, a few words about the forecast for the previous week:
- Virtually everything that had been predicted for EUR/USD proved correct. According to the forecast, the couple was to maintain a sideways trend and would oscillate around the 1.0970 Pivot Point.1.0820 had been identified as a support zone. Throughout the week, the "bears" had repeatedly pressed the pair against this support, but ended up surrendering after several unsuccessful attempts to break through it. The pair ended the week in an exemplary fashion at the 1.0960 ÷ 1.0970 Pivot Point;
- However, the sideways trend predicted for GBP/USD lasted only until Thursday. By the end of the week the pair managed to break through the support in the 1.5510÷1.5520 zone and depreciated for a short amount of time, hitting the bottom at 1.5425;
- As for the behaviour of USD/JPY, the indicators and 11% of experts ended up being correct. The former had insisted that the pair would start its ascent straight away from Monday, whilst the latter had claimed that the pair would reach 125.00 as a result of this trajectory, which is what ended up happening. Then, according to the predictions of graphical analysis, the pair had to crash sharply, which is what it did on Friday in the wake of news from the USA, after which it reached a strong support level at 124.15;
- Last week’s indicators almost unanimously predicted for the USD/CHF a rise towards the 0.9730÷0.9750 zone. The pair managed to not only complete this assignment, but also to exceed it by rising a further 100.0 points.
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The forecast for the upcoming week:
Generalizing the opinions of 35 analysts from the world’s leading banks and brokerage firms, as well as forecasts that are based on the largest possible variety of technical and graphical analysis, the following can be said:
- Regarding the future of the EUR/USD 36% of experts believe that the pair should drop to 1.0800; another 45% say that the pair will break this barrier and descend further down to the support in the 1.0650÷1.0700 zone. This version is supported by the indicators on D1 as well. As for the remaining 19% of experts and the indicators on H4, they insist on a temporary continuation of the upwards trend towards the level of 1.1000÷1.1050, after which the direction of the pair’s movement should, after all, shift from north to south;
- For the GBP/USD pair the majority of analysts and indicators predict a further decline and a transition into the 1.5340÷1.5400 zone. At the same time, whilst maintaining general agreement with its “colleagues”, graphical analysis offers us a minor elaboration, stating that the pair will stay in the 1.5460-1.5540 sideways corridor for some time prior to its descent, during which time it will attempt to break through the resistance in order to reach 1.5800. Even if it does manage this, it will not be a time for ‘bulls’ to celebrate victory, seeing as in couple of days the pair will nevertheless initiate a sharp descent;
- The USD/JPY pair will with a high degree of probability, attempt to reach its June high point and will even try to slightly exceed it by conquering the 126.00 mark. After this, according to graphical analysis, a sideways movement within the 124.15÷125.80 corridor and strenuous efforts to descend to the support in the 122.50 zone await the pair;
- The last pair in this overview is USD/CHF. Experts, indicators and graphical analysis all agree here that the pair will exceed last week’s plan and will find itself in a sideways trend with a Pivot Point at 0.9840. The ‘bulls’, on the other hand, will not cease their attempts to reach the hallmark 1.0000 level, even though the main resistance level for the upcoming week will be 0.9900. The support will be at 0.9800 and 0.9710.
