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Saturday, December 1, 2018

[FOREX TIP] USDCHF Weekly Forex Forecast – 3rd to 7th Dec 2018

USDCHF Weekly Forex Forecast - 3rd to 7th Dec 2018

USDCHF Weekly Forex Forecast – 3rd to 7th Dec 2018

Fundamentals Outlook
The week ahead is expected to be busy with the start of a new trading month. Data over the week includes some key reports from the U.S. such as the ISM’s manufacturing and non-manufacturing PMI due earlier in the week. The ADP private payroll numbers followed by the official non-farm payrolls on Friday will cap the data from the U.S.

In the Eurozone, the monthly manufacturing and services PMI figures will be coming out. The data will likely give more details on how the Eurozone economy fared in the month of November. The Sentix investor confidence report will also provide more details on the business sentiment in the Eurozone area. A relatively quiet week from Switzerland will see only the release of the monthly inflation figures. Data from Japan is quiet this week with only the household spending report due.

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Chart set up: The USDCHF currency pair continued to consolidate around the support level of 0.9951. Price action was seen to be repeatedly testing this level albeit briefly slipping below the support a few times. Still, with the short term bias to the upside, the USDCHF currency pair could be seen attempting to test the breakout level from the rising price channel at the very least..

Key support/resistance levels:
Support: 0.9951; Resistance: 1.0080

Commentary:
As the USDCHF continues to maintain a sideways, range, the bias is to the downside. This can be validated as long as price action does not breach the resistance level of 1.0080. The USDCHF currency pair has also turned flat in the medium term, indicating that we could expect to see further ranging price action in the near term. A strong breakout from the mentioned levels is needed for the USDCHF currency pair to form the next leg in the trend. For the week ahead, USDCHF is expected to be flat.

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Previous USDCHF Weekly Forex Forecast

The post USDCHF Weekly Forex Forecast – 3rd to 7th Dec 2018 appeared first on Advanced Forex Strategies.



from Advanced Forex Strategies

[FOREX TIP] USDJPY Weekly Forex Forecast – 3rd to 7th Dec 2018

USDJPY Weekly Forex Forecast - 3rd to 7th Dec 2018

USDJPY Weekly Forex Forecast – 3rd to 7th Dec 2018

Fundamentals Outlook
The week ahead is expected to be busy with the start of a new trading month. Data over the week includes some key reports from the U.S. such as the ISM’s manufacturing and non-manufacturing PMI due earlier in the week. The ADP private payroll numbers followed by the official non-farm payrolls on Friday will cap the data from the U.S.

In the Eurozone, the monthly manufacturing and services PMI figures will be coming out. The data will likely give more details on how the Eurozone economy fared in the month of November. The Sentix investor confidence report will also provide more details on the business sentiment in the Eurozone area. A relatively quiet week from Switzerland will see only the release of the monthly inflation figures. Data from Japan is quiet this week with only the household spending report due.

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Chart set up: The USDJPY currency pair managed to bounce off the support at 112.74 level last week and once again tested the previously established resistance level at 113.58. While the U.S. dollar briefly attempted to break this level, the USDJPY closed back below this resistance level. The price action indicates that the resistance level is unlikely to be breached in the near ter.

Key support/resistance levels:
Support: 112.74; Resistance: 113.58

Commentary:
In the medium term, the currency pair is expected to maintain its sideways price action within the mentioned support and resistance level. However, watch for a break out above the resistance level at 113.58. If this is supported by strong fundamental catalyst, we could expect to see the U.S. dollar attempting to post new highs. A close above 113.58 could signal further gains as the USDJPY will now be targeting 114.52 level. For the week ahead, the USDJPY currency pair is expected to be flat.

This is the simple way to scan for the best price action setup everyday.  Click Here…

Previous USDJPY Weekly Forex Forecast

The post USDJPY Weekly Forex Forecast – 3rd to 7th Dec 2018 appeared first on Advanced Forex Strategies.



from Advanced Forex Strategies

[FOREX TIP] EURUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

EURUSD Weekly Forex Forecast - 3rd to 7th Dec 2018

EURUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

Fundamentals Outlook
The week ahead is expected to be busy with the start of a new trading month. Data over the week includes some key reports from the U.S. such as the ISM’s manufacturing and non-manufacturing PMI due earlier in the week. The ADP private payroll numbers followed by the official non-farm payrolls on Friday will cap the data from the U.S.

In the Eurozone, the monthly manufacturing and services PMI figures will be coming out. The data will likely give more details on how the Eurozone economy fared in the month of November. The Sentix investor confidence report will also provide more details on the business sentiment in the Eurozone area. A relatively quiet week from Switzerland will see only the release of the monthly inflation figures. Data from Japan is quiet this week with only the household spending report due.

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Chart set up: The EURUSD slipped below the mentioned support level as price action dipped briefly to 1.1281 level of support. Price action posted a quick reversal off this new support and managed to recover back above 1.1345. However, by Friday’s close the EURUSD was back below this support.

Key support/resistance levels:
Support: 1.1281; Resistance: 1.1345

Commentary:
The consolidating off the 1.1345 level signals that this level which previously served as support could potentially turn to resistance. We expect another leg of decline in the EURUSD back to 1.1281. This would firmly establish the support at this level. Price action in the EURUSD remains range bound in the medium term as well. For the week ahead, the EURUSD is expected to be flat.

This is the simple way to scan for the best price action setup everyday.  Click Here…

Previous EURUSD Weekly Forex Forecast

The post EURUSD Weekly Forex Forecast – 3rd to 7th Dec 2018 appeared first on Advanced Forex Strategies.



from Advanced Forex Strategies

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