Jun 19, 2016

First, a review of last week’s forecast:

  • making a forecast for EUR/USD, both experts and technical analysis unanimously voted for a sideways trend with a bearish sentiment, which was 100% fulfilled – discrepancy between the levels of the beginning and the end of the week made just around 20 points, therewith the pair tended to go south. The graphical analysis on Н4 pointed to the support of 1.1210, and, having reached this level on Tuesday, the pair bounced off it and moved upwards on Wednesday. The pair succeeded to break through the above-mentioned support only on Thursday and, as predicted by the graphical analysis on D1, the pair quickly reached the bottom at the area of 1.1135, following which it returned to the values of the early week;
  • we couldn’t find any compromise for GBP/USD between the experts and the technical analysis ahead of Brexit. Eventually during the week, the pair drew a chart very similar to the chart of EUR/USD. The only forecast, made and completely panned out, was an increased volatility of the pair, as a result of which a weekly range of its fluctuations exceeded 350 points;
  • as to the forecast for USD/JPY, surprisingly opinions of the analysts coincided with both readings of the indicators and the graphical analysis. According to their consensus the pair should continue moving alongside the pivot point of 107.00. However, on Thursday due to release of the Bank of Japan interest rate decisions the pair easily broke through the support at 105.50 and it sharply plunged, reaching the two-year-old levels;
  • as to the acting of USD/CHF, both the experts and the graphical analysis agreed that the pair reached the local bottom at the area of 0.9550 – 0.9600. The pair really failed to fall below these marks and it wrapped up the week at the level of 0. 9590. As to the striving of the pair to return to the area of 0.9700 – 0.9750, the pair made four such attempts during the week, however it failed to rise above the mark of 0.9686.

Forecast for the Upcoming Week:

Summing up the opinions of several dozen analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested:

  • making forecast for EUR/USD, 60% of experts, backed by 80% of indicators on Н4, reckon that the pair would go up to the zone of 1.1340 – 1.1400. As to the graphical analysis on Н4 and D1 and indicators on a daily interval, they believe that within the next few days the pair won’t rise above 1.1300 and it will move in a sideways channel of 1.1200 – 1.1300. The next support will be at 1.1150;
  • as to GBP/USD, it’s virtually impossible to give a holistic forecast ahead of Brexit. As a reminder, a plebiscite among the residents of the Foggy Albion, will be held on Thursday, June 23, and its results will be made public the next day – on Friday, June 24. According to some analysts, if British people vote to leave EU, their national currency may plunge by over 4000 points, down to 1.1000. It is fair to say, that the majority of experts (around 65%) remains optimistic and bullish, though no one indicates any specific growth points. As to the forecast from Monday to Wednesday, according to the readings of the graphical analysis on H4, the pair has a lot of chances to drop to the area of 1.4100;
  • the analysts and the graphical analysis agree that the level of 103.40 is the local bottom for USD/JPY. According to their opinion, for some time the pair will be moving in a sideways channel of 103.40 – 105.00, and afterwards it will get over a level and move upwards to the zone of 106.00 – 107.50;
  • as to the last pair of our review – USD/CHF, the forecast remains the same. The experts and the graphical analysis identify the level of 0.9550 as the local bottom for this pair, the resistance will be at 0.9700, the overall sentiment – bearish. But once again, we’d like to remind, that results of Brexit can sufficiently influence not only GBP/USD, but also all other major currency pairs.

Roman Butko, NordFX

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