Weekly Trading Forecasts for Major Pairs (September 11 - September 15, 2017)
10 September 2017, 19:22
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
Price climbed about 200 pips last week - moving briefly above the resistance line at 1.2050 but closing below it on Friday. There is a strong bullish outlook on EUR pairs this week that could see another 200 pips gained with pauses and corrections along the way.
USDCHF
Dominant bias: Bearish
With price falling 150 pips, testing and breaching the resistance level at 0.9450, the outlook is now long- and short-term bearish and should target the support levels at 0.9400, 0.9350 and 0.9300. Meaningful rallies are unlikely while EURUSD remains strong, so long trades are not currently rational.
GBPUSD
Dominant bias: Bullish
The market has turned bullish after rallying more than 280 pips last week, testing the distribution territory at 1.3200, and closing slightly below it. With a Bullish Confirmation Pattern in place, reaching the distribution territories 1.3250, 1.3300 and 1.3350 is probable this week – possibly even higher.
USDJPY
Dominant bias: Bearish
A drop of about 210 pips last week tested the demand level at 107.50, but closed above it. Since the high of July 11, price has fallen 660 pips and there is room to drop much more. Nonetheless, the outlook for JPY pairs is bullish for this week so, while the demand levels at 107.00, 106.50 and 106.00 could be reached, there is a strong possibility of a rally before market close on Friday.
EURJPY
Dominant bias: Neutral
Unlike USDJPY, this cross consolidated last week and refused any bearish move – mostly because EUR is strong in its own right and almost equal to JPY (hence the short-term equilibrium). Price is going to move out of balance this week as JPY becomes weaker, allowing a strong rally before Friday.
GBPJPY
Dominant bias: Bearish
This pair is bearish in the long-term, but neutral in the short-term. The environment is quite choppy so it would be better to wait until it breaks and stays above the supply zone at 142.60 or moves and stays below the demand zone at 141.10. The most probable direction this week is upward.
This forecast is concluded with the quote below:
“How often you win isn’t important. How much you win is” - Rayner Teo
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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