Weekly Trading Forecasts for Major Pairs (February 20 - 24, 2017)
19 February 2017, 20:30
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
Price declined from Monday to Wednesday - slipping briefly below the support line at 1.0550 before rallying above the resistance line at 1.0650 and finally correcting lower on Friday. Further bearish movement is expected this week as price targets the support lines at 1.0550 (tested last week), 1.0500 and 1.0450.
USDCHF
Dominant bias: Bearish
Oddly, the outlook is bearish - like for EURUSD. One of the reasons is occasional strength in CHF which checks any bullish ambitions. The 1.0000 level has now become insignificant as price moves above and below it at will, but only a very strong EURUSD plunge can push price upwards to any extent.
GBPUSD
Dominant bias: Neutral
Price has been moving sideways for at least two weeks despite the outlook on GBP pairs remaining bearish, but this directionless meandering will soon end with a strong increase in momentum that pushes the market in a clear direction. Closer investigation shows that bears are currently strongest, so a plunge seems most likely.
USDJPY
Dominant bias: Bearish
In the context of a downtrend, price moved upwards from February 9 – 15 before beginning to pull back - closing below the demand level at 113.000 on February 17 and creating a Bearish Confirmation Pattern. The targets for this week are the demand levels at 112.50, 112.00 and 111.50, but that does not rule out the possibility of a strong rally before the end of the month.
EURJPY
Dominant bias: Bearish
This pair is bearish in the long-term and neutral in the short-term. After consolidating from Monday to Friday, price eventually plunged over 120 pips - realigning with the downward trajectory that started at the beginning of this month. Further decline is certainly possible, but so is the possibility of a serious rally on JPY pairs.
I’d like to conclude this forecast with the following quote:
“For some traders, commitment to success is not optional but mandatory.” - Joe Ross
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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