[FOREX TIP] USDCHF Weekly Forex Forecast – 23rd to 27th April 2018

USDCHF Weekly Forex Forecast – 23rd to 27th April 2018

Technical Outlook: The USDCHF currency has managed to post gradual gains with price action closing at the 0.9741 level of resistance. Prior to the rally to this level, USDCHF was seen facing resistance at 0.9629 level. Any downside corrections are likely to be limited to this level which could now turn as support. The bullish momentum in USDCHF comes at a risk of a larger correction. The main support level at 0.9461 remains a key area that could be retested at support. To the upside, we expect to see some consolidation taking place at the current levels ahead of further gains.

Fundamental Outlook: Data from Switzerland is quiet with focus shifting to the U.S. The economic calendar from the U.S. is somewhat quiet with only the preliminary GDP report for the first quarter of 2018 standing out. Investors will be looking at how the U.S. economy performed during the first quarter of the year after the U.S. GDP expanded at a pace of 2.9% in the fourth quarter ending 2017. Employment cost index will also give insights into wage growth. Besides the above data, other events over the week include the Richmond manufacturing index, the durable goods orders index and the conference board’s consumer confidence data.

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USDCHF Weekly Forex Forecast – 23rd to 27th April 2018

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[FOREX TIP] USDJPY Weekly Forex Forecast – 23rd to 27th April 2018

USDJPY Weekly Forex Forecast – 23rd to 27th April 2018

Technical Outlook: The The USDJPY currency pair was seen gradually posting gains. After price action closed above the support level near 107.014 – 106.85, the U.S. dollar maintained the gains. We expect this momentum to eventually push prices to test the upper resistance level at 108.43. However, with the Stochastic oscillator on the 4-hour chart currently in the overbought levels, we expect a modest correction. Any declines would be limited to the support level at 107 region. In the event of a breakout below this level USDJPY could be seen pushing lower toward the 105.80 level.

Fundamental Outlook: Data from Japan this week will see the release of the flash manufacturing PMI numbers. This is followed by the Bank of Japan’s core CPI data. A continued uptick in inflation could potentially sit well with the BoJ officials as they meet later in the week on Friday. The Bank of Japan is expected to hold its monetary policy unchanged although there could some change to the language. Some of the BoJ officials were already seen expressing their views that monetary policy could be tightened even though inflation remains below the BoJ’s 2% inflation target rate.

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USDJPY Weekly Forex Forecast – 23rd to 27th April 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 23rd to 27th April 2018

EURUSD Weekly Forex Forecast – 23rd to 27th April 2018

Technical Outlook: The EURUSD currency pair was seen mostly trading within the range of 1.2385 – 1.2320 level last week before price action posted strong declines by Friday’s close. The test of support near 1.2250 saw prices being rejected strongly before closing higher. In the near term, we expect EURUSD to potentially retrace back to the lower support level that was breached at 1.2323. A retest of this level could shift to resistance keeping the downside pressure as a result. However, if price action breaks out above 1.2323, the sideways range could once again be resumed. Overall, we expect EURUSD to retest the 1.2323 level and push lower to 1.2250.

Fundamental Outlook: The week ahead from the Eurozone will see a busy economic calendar. The flash services and manufacturing PMI numbers for the month of April will be coming out during the first part of the week. On Thursday, the ECB will be holding its monetary policy meeting. No changes are expected to the interest rates or the ECB’s QE purchases. However, investors will be paying close attention to any change in the language that could indicate the next policy action from the central bank. Flash GDP reports from SPain will be coming out on Friday.

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EURUSD Weekly Forex Forecast – 23rd to 27th April 2018

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