EUR/USD dropped from the highs and bounced only at lower support. Has it ended the consolidation phase? Is it ready to rise? Here is their view, courtesy of eFXnews: EUR/USD: Any Dips On Positioning-Squaring A Buying Opportunity – Credit Agricole Credit Agricole CIB FX Strategy Research notes that next week will become more active in [...]
The post EUR/USD: Is it ready to resume the rally? appeared first on Forex Crunch.
GBPUSD Weekly Forex Forecast – 18th to 22nd Sept 2017
The GBPUSD had an impressive rally that was motivated by BOE interest rate hawkish rhetoric. The BOE signaled that it might raise the interest rate in the “coming months” which has sent the GBPUSD to levels not seen since the Brexit day. We don’t have a lot of resistance to the upside couple with the current bullish momentum warns us that we should continue moving higher in the coming week. On the upside, the first level of resistance remains last week high 1.2614. The reason why the current rally can continue during coming week is because we don’t have any resistance left until the big psychological number 1.4000 from where we can see a reaction lower.
The stochastic indicator is already in an overbought condition which may cause early in the week a retest of the round number 1.2500 before a reaction higher to happen. The UK economic calendar doesn’t have much to offer us in terms of risk events. The only notable risk event is the UK retail sales, which based on the market consensus should give us a flat reading. From the other side of the Atlantic Ocean, we have the Fed interest rate decision which is the highlight risk event of the week.
Previous GBPUSD Weekly Forex Forecast
The post GBPUSD Weekly Forex Forecast – 18th to 22nd Sept 2017 appeared first on Advanced Forex Strategies.
USDCHF Weekly Forex Forecast – 18th to 22nd Sept 2017
Technical Outlook: USDCHF posted a strong reversal off 0.9455 support last week. Price action managed to close above 0.9563 with Friday’s close briefly dipping back to this level. If USDCHF establishes support at 0.9563, we can expect some upside in prices in the near term. The long term resistance and target remains at 0.9861 which could eventually be tested in the near term. However, USDCHF remains range bound in the medium term with price action trading within 0.9861 and 0.9563. A breakout from this range will determine further direction in price.
Fundamental Outlook: After the Swiss national bank’s meeting last week, the economic data from Switzerland this coming week will see only the release of the SECO economic forecasts and the trade balance figures. Most of the heavy lifting will come from the events that could influence the USD. The FOMC meeting is due on Wednesday which could bring some volatilty to the Swiss franc as well. The Fed is expected to keep interest rates unchanged but could unveil its balance sheet normalization.
Previous USDCHF Weekly Forex Forecast
The post USDCHF Weekly Forex Forecast – 18th to 22nd Sept 2017 appeared first on Advanced Forex Strategies.
