Weekly Trading Forecasts for Major Pairs (October 9 - October 13, 2017)
8 October 2017, 18:59
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Content courtesy of Tallinex Limited https://www.tallinex.com
Here is the market outlook for this week:EURUSD
Dominant bias: Bearish
Price has fallen 200 pips since September 25 and moved briefly below the support line at 1.1700 before closing above it on Friday. With more downside expected this week, any rallies will offer good opportunities to sell short at higher prices.
USDCHF
Dominant bias: Bullish
This pair has remained bullish for the last few weeks, but with no significant incline. Price crossed the resistance level at 0.9800 but closed below it on October 6. The bullishness will be maintained this week (while EURUSD remains bearish), but no significant up-move can occur until CHF weakens.
GBPUSD
Dominant bias: Bearish
After dropping 470 pips in the last 2 weeks (320 pips last week alone) and testing the accumulation territory at 1.3050, a huge Bearish Confirmation Pattern has formed. Bearish movement is likely to continue this week as accumulation territories at 1.3000 (a strong level), 1.2950, and 1.2900 are tested, but a meaningful rally may occur before the end of the week.
USDJPY
Dominant bias: Bullish
Despite consolidating throughout last week, the outlook remains bullish. The short-term consolidation will end if price breaks the supply level at 114.00 (strengthening the existing bullish bias) or drops below the demand level at 111.00 (threatening the current bias).
EURJPY
Dominant bias: Bullish
The outlook is bullish in the long term, but neutral in the short term with price moving sideways in the context of an uptrend last week. This week, the demand zones at 131.50 and 131.00 should be in play, but the bias will remain bullish until the demand zone at 130.00 is breached.
GBPJPY
Dominant bias: Bearish
The 360 pip drop last week resulted in a Bearish Confirmation Pattern, so the targets for this week are the demand zones at 147.00, 146.50 and 146.00. A serious rally may occur before the end of the week, but will only affect the current bias if it exceeds 400 pips.
This forecast is concluded with the quote below:
“As traders, we are the ultimate rain makers. We are the producers. We are the profit seekers. We live by our wits, making decisions that others fear. We claim our freedom and provide an unparalleled lifestyle for those we love.” - Louise Bedford
Azeez Mustapha
Currency Analyst
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