[FOREX TIP] USDCHF Weekly Forex Forecast – 24th to 28th July 2017

USDCHF Weekly Forex Forecast – 24th to 28th July 2017

Technical Outlook: The Swiss franc continued to gain strength as USDCHF is seen at a one year low. Initially the rebound off 0.9564 support held but with a lower high being formed, price action eventually slipped past this support level. Regardless of the price action bias currently, there is still scope for USDCHF to post a reversal. The pending retest of resistance at 0.9894 – 0.9861 will most likely see USDCHF test this level in the near to medium term. For the moment however, any bullish bias will gain strength only on a daily close above 0.9564..

Fundamental Outlook: Not much of economic releases from Switzerland this week. Focus will therefore turn to the Federal Reserve meeting this week. The Fed will be holding its monthly monetary policy meeting on Wednesday, July 26. This meeting will not be followed by a press conference. No changes are expected to the Fed funds rate at this week’s meeting. Traders will very likely focus on the language and tone of the FOMC statement that will be key. So far the Fed has remained non-commital on the further pace of interest rates. This is a possibility that the Fed will make its intentions a bit more clearer at this week’s meeting.

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USDCHF Weekly Forex Forecast – 24th to 28th July 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 24th to 28th July 2017

USDJPY Weekly Forex Forecast – 24th to 28th July 2017

Technical Outlook: USDJPY continued its losing streak as price fell to a 4-week low, closing on Friday at 111.11. Further declines could be seen coming with the major support at 110.80 in place. A near term retracement could see USDJPY test the resistance level at 111.57 – 111.69 region. The bullish bias gains momentum only on a break out above this level. Still, USDJPY will need to struggle to breakout from the next main resistance zone at 112.98 – 113.22. Most likely we could see USDJPY test this resistance level (112.98 – 113.22) into Wednesday’s FOMC meeting. To the downside, if 110.80 support fails to hold the declines, then USDJPY could be seen pushing lower towards the 109.00 handle that was previously tested in early June this years.

Fundamental Outlook: The economic calendar from Japan is very quiet with not much data to go by. Economic data includes the flash manufacturing PMI figures for July. The BoJ will also be releasing the monetary policy meeting minutes. Last week’s BoJ decision saw the central bank push back its inflation expectations while upgrading GDP projections. More clarity on this could be seen via the meeting minutes. Later in the week, the inflation figures and preliminary industrial production numbers will also be coming out.

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USDJPY Weekly Forex Forecast – 24th to 28th July 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 24th to 28th July 2017

EURUSD Weekly Forex Forecast – 24th to 28th July 2017

Technical Outlook: The EURUSD continued its strong rally last week and managed to maintain the bullish momentum. Weaker U.S. dollar alongside a slightly hawkish ECB saw the currency pair well supported to the upside. Price rallied to a two and half year high as a result closing on friday at 1.1664 but not before testing thish of 1.1682. This continued rally is likely to see some near term pullbacks. The first level of support is seen at 1.1565. A rebound off this level could signal further gains provided the recent highs can breached. In the event that EURUSD slips below 1.1565, then expect to see price action retest the next main support at 1.1489. The bullish bias remains intact and could only change in the event that EURUSD can slip below 1.1489 and potentially establish resistance below or at this level.

Fundamental Outlook: The week ahead from the Eurozone is relatively quiet. Focus turns to the forward looking indicators which includes the flash PMI figures for manufacturing and services sector. This will give a glimpse of how the two key sectors of the economy performed in the month of July. The German Ifo business climate data is also coming up this week. Towards the later part of the week, flash or preliminary inflation figures will be released for Germany and Spain. Spain’s flash GDP estimates are also expected. Overall, following a rather volatile ECB meeting last week, the euro currency will be taking a backseat.

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EURUSD Weekly Forex Forecast – 24th to 28th July 2017

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