[FOREX TIP] USDCHF Weekly Forex Forecast – 12th to 16th June 2017

USDCHF Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: USDCHF has formed a temporary bottom testing a 7-month low at 0.9657. The reversal comes just a few pips away from the main target of the descending triangle pattern at 0.9564. In the near term, if the reversal sustains, then USDCHF could be seen testing the breached descending triangle support of 0.9861 – 0.9894. Resistance could be formed here, following which a new decline in USDCHF could be formed. To confirm the upside, price action will need to post a higher low and move past 0.9730.

Fundamental Outlook: A busy week to the Swiss franc as the quarterly monetary policy from the Swiss National Bank (SNB) is due this week. The 3-month LIBOR rate is expected to remain steady at -0.75%. The SNB is unlikely to announce any major changes and is likely to maintain that the exchange rate of the Swiss franc is overvalued. This could bring some volatility to the Swiss franc in the near term. Besides the SNB’s meeting, the central bank will also be releasing a financial stability report as well as on the macroeconomic side of things, the PPI data will be coming out.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 12th to 16th June 2017

The post USDCHF Weekly Forex Forecast – 12th to 16th June 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] USDJPY Weekly Forex Forecast – 12th to 16th June 2017

USDJPY Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: USDJPY posted a recovery rally, but it isn’t clear if this rally will be sustainable for now. Price action broke past 110.14 – 110.04 resistance level before slipping back slightly above this level. A break down below 110.14 – 110.04 will signal either a consolidation above the previous swing low point of 109.113 or a continuation above the recent swing high at 110.80 will signal further upside in price. The main technical resistance comes in at 111.69 – 111.57 which could be tested in the near term. With the current positioning of the Stochastics, we can expect a higher low to form, followed by a possible move to the upside.

Fundamental Outlook: The Japanese yen heads into a big week with the FOMC and the BoJ monetary policy decisions. The central bank meetings will keep the USDJPY volatile in the near term. While the Fed is widely expected to hike interest rates at this meeting, the BoJ is expected to hold back. The recent downward revision to the first quarter GDP will of course weigh on the officials’ decision making process. Still, no changes are interest rates are expected, which currently stands at -0.10% or the central bank’s massive QQE program.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 12th to 16th June 2017

The post USDJPY Weekly Forex Forecast – 12th to 16th June 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] EURUSD Weekly Forex Forecast – 12th to 16th June 2017

EURUSD Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: The inverse head and shoulders pattern which signals continuation in an uptrend was invalidated last week. Despite price breaking out above the neckline resistance at 1.1248 – 1.1250, EURUSD slipped back to close below 1.1200. This suggests a near term decline to the downside. From the 4-hour chart it is evident that EURUSD is likely to test the next lower support at 1.1126, which was briefly tested two weeks ago. As long as EURUSD remains above 1.1126, there is possibility of some upside in prices. Alternately, a break down below 1.1126 support could signal a dip towards 1.0950. EURUSD outlook is currently mixed right now but the technical levels should offer more clarity. Long positions can be expected on a breakout above the neckline resistance once again.

Fundamental Outlook: After a rather busy week, economic data from the Eurozone takes a backseat. Data will however see some important releases like the final inflation figures for the month of May. The data is expected to be released on Friday. German inflation figures are also coming up this week including the monthly forward looking ZEW economic expectations from Germany. With the FOMC meeting due next wek, focus will shift to the policy changes from the Fed.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 12th to 16th June 2017

The post EURUSD Weekly Forex Forecast – 12th to 16th June 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies