[FOREX TIP] USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

Technical Outlook: USDCHF failed to validate the evolving head and shoulders pattern as price fell lower towards 1.0000. Still, the doji candlestick formed on Thursday and Friday signal initial signs of a short term retracement to the upside. Immediate resistance is seen at 1.0097 which could be tested in the near term, although there is a slight chance that USDCHF could slip towards 0.9934 before bouncing off this support level to test the resistance at 1.0097. Still, selling opportunities are likely to come by near the 1.0097 resistance. The Stochastics oscillator has printed a hidden bearish divergence with a lower low against higher low in price. Therefore, watch out for USDCHF to post a reversal around 0.9934.

Fundamental Outlook: Data from Switzerland this week will see the manufacturing PMI for January. Economists polled expect manufacturing PMI to rise to 56.1 from 56.0 previously. Later in the week, the retail sales figures are expected to show an increase of 0.5%, slower than the previous month’s 0.9%. The lack of any major data points from Switzerland will shift focus to the data from the U.S. starting Wednesday which will include the ISM manufacturing and non-manufacturing PMI and Friday’s payroll numbers.

Previous USDCHF Weely Forex Forecast

USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 – Bullish

The post USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] USDJPY Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

USDJPY Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

Technical Outlook: USDJPY corrected towards 112.70 as expected and mentioned in last week’s analysis. Price action posted a strong reversal forming a double bottom near the support level at 112.70. A breakout above 115.355 will signal further upside in USDJPY towards 118.00 as the minimum upside on the double bottom bounce. Therefore, look to buy USDJPY above 115.35 on a potential retest to this level to establish support or on a minor dip. Ahead of the breakout above 115.35, look for USDJPY to post a minor correction towards 113.99 – 113.79 which makes for an ideal buying area with stops just below 112.70 targeting 115.35 and 118.00 offering a tight risk/reward set up.

Fundamental Outlook: Last week, data from Japan showed that inflation rose 0.1% in the month of January as forecasted by economists. This rather slow pace of inflation is likely to push the BoJ to turn more hawkish when it meets on Tuesday. No changes are expected from the Bank of Japan at this week’s meeting but expect some dovish statements to come from the central bank officials. USDJPY will also be influence by the U.S. economic data this week which will include the key FOMC meeting which could bring some volatility to the markets.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 – Bullish

 

The post USDJPY Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

Technical Outlook: EURUSD closed below 1.0700 last week which signals the downside correction towards 1.0600 initially. The price action shows a bearish breakout from the rising wedge/triangle pattern with the final sessions on Friday showing a modest retest to the breakout level of the rising wedge pattern. As long as 1.0700 turns to resistance, EURUSD could remain biased to the downside as price will slide towards 1.0600 to establish support. The bearish divergence to the Stochastics, the median line breakout and the weekly doji close (after five weeks of straight gains) point to the downside in EURUSD this week.

Fundamental Outlook: The markets will be looking to a busy week from Wednesday as fresh economic reports are released for January. The manufacturing and services PMI figures will be coming out in the early part of the week and could give further insights into the economic performance from the Eurozone in the first month of the year. The Eurozone GDP figures will be released this week alongside flash inflation estimates for January. GDP is expected to rise 1.7% on an annualized basis in the region, but focus will be on inflation estimates which could see further increase in consumer prices. The Eurozone’s economic forecasts will also be coming out this week.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017

 

 

The post EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies