Weekly Trading Forecasts for Major Pairs (September 4 - September 8, 2017)

3 September 2017, 19:26
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com‌

EURUSD
Dominant bias: Bullish
The outlook is bullish in the long-term but bearish in the short-term. Price went up on Monday and Tuesday and tested the resistance line at 1.2050 before a bearish correction that pulled price down roughly 200 pips. The resistance line at 1.2050 will offer strong opposition to rallies this week, so the support lines at 1.1850 and 1.1800 are potential targets.

USDCHF
Dominant bias: Neutral
Price has consolidated - oscillating between the support level at 0.9450 and the resistance level at 0.9650 for 5 weeks. For the bias to change, a break of the resistance level at 0.9750 or the support level at 0.9450 is needed, which is expected this week.

GBPUSD
Dominant bias: Bearish
Price consolidated last week, but is still bearish in the long term, so testing the accumulation territories at 1.2900, 1.2850 and 1.2800 is possible this week. However, given current price action, price may go up by 100 - 150 pips.

USDJPY
Dominant bias: Bearish
Recent bullish movement has threatened the current trend. Last week saw price test the demand level at 108.50 before bouncing to the supply level at 110.50 and closing above the demand level at 110.00 on Friday. Movement above the 111.00 supply level will result in a bullish bias while movement below the demand level at 109.00 will emphasize the current bias.

EURJPY
Dominant bias: Bullish
Price went up last week and test the supply zone at 131.50 before correcting and closing below the supply zone at 131.00. A Bullish Confirmation Pattern is still present and cannot be invalidated unless price drops to around 129.00. Movement this week will be determined by the Yen.

GBPJPY
Dominant bias: Bearish
Despite being bearish in the long term, a bullish signal has been generated on the 4-hour chart after price gained roughly 230 pips last week. This has resulted in a bullish outlook for this week. Weakness in the Yen may allow the supply zones at 143.50, 144.00 and 144.50 to be tested this week, but any hint of Yen strength will impede bullish movement.

This forecast is concluded with the quote below:

The real Holy Grail in trading is proper risk management. All of the successful traders I know follow a few specific, even conservative, risk management rules.” - Rick Wright


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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