Noob Currency Trader: 07/08/17

Saturday, July 8, 2017

[FOREX TIP] USDCHF Weekly Forex Forecast – 10th to 14th July 2017

USDCHF Weekly Forex Forecast – 10th to 14th July 2017

Technical Outlook: USDCHF posted a brief rally only to give up some of the gains by Friday. However, this higher low after the dip to 0.9564 will signal a potential continuation to the upside. USDCHF could be facing resistance at 0.9730. However, a breakout above this level could signal a continuation to the upside. The eventual upside target in USDCHF remains at 0.9861 – 0.9894. Traders should also watch for the possibility of a potential inverse head and shoulders pattern that could be forming. Watch for a rally to 0.9730 resistance level and a pullback in USDCHF where the right shoulder could be formed. This will be the cue for a potential upside breakout in USDCHF, targeting 0.9861 – 0.9894.

Fundamental Outlook: Not much of data is expected from Switzerland this week. The only exception being the monthly producer price index data. Headline PPI in Switzerland rose 0.1%. The producer import prices suggests a further decline of 0.3%. This could mean that consumer prices in Switzerland could remain weak. Therefore, the primary data will be from the U.S. where key events are lined up this week. It includes the Fed chair, Janet Yellen’s testimony as well as the U.S. monthly inflation data which could eventually shape the market expectations. Further weakening in inflation could potentially invalidate any hawkish message from the Fed chair.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 10th to 14th July 2017

The post USDCHF Weekly Forex Forecast – 10th to 14th July 2017 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 10th to 14th July 2017

USDJPY Weekly Forex Forecast – 10th to 14th July 2017

Technical Outlook: USDJPY continued its bullish ascent with prices closing above 112.90 – 113.23 region. In the near term, USDJPY could be seen posting a correction towards the 112.90 – 113.23 level where support could be established in the short term. There are multiple strong levels of support to the downside. The longer term bias remains lower with USDJPY likely to see 110.80 level where support is pending a retest. However, this is only possible on a convincing reversal to the downside. As long as the support at 112.90 – 113.23 holds, USDJPY could remain consolidating above this level. Further continuation to the upside could see USDJPY targeting the 115.00 level where resistance is seen..

Fundamental Outlook: A rather slow week from Japan, data this week includes the economy watchers sentiment due on Monday. Later in the week, on Tuesday, the producer price index data will be released. On a year over year basis, producer prices have increased 2.1% so far. A further increase could send optimistic signals that the consumer prices could also start to turn the corner. The lack of any clear fundamentals from Japan will see investors turn their attention to the U.S. data. The Fed chair, Janet Yellen will be giving her testimony this week which could be crucial for shaping the price action in USDJPY.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 10th to 14th July 2017

The post USDJPY Weekly Forex Forecast – 10th to 14th July 2017 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 10th to 14th July 2017

EURUSD Weekly Forex Forecast – 10th to 14th July 2017

Technical Outlook: The EURUSD continued to remain consolidating around the 1.1400 region as noted in last week’s commentary. Price action managed to briefly reclaim the 1.1400 level before giving up some the gains only to rally back after Friday’s payrolls report. The formation of a lower high above 1.1400 signals a near term weakness in price. Unless EURUSD can break past the previous high of 1.1445, we can expect to see price action test the lower support near 1.1200. There are also multiple instances of divergences showing up across most of the time frames, including H4, daily and weekly. These divergences therefore support the view of the downside in the currency pair. Look for EURUSD to drop below 1.1400 where short positions can be taken, targeting 1.1200..

Fundamental Outlook: The week ahead will see the Eurozone take a step back with most of the economic data related to second-tier data. The week starts off with the German trade balance which has continued to show a surplus. The Eurozone’s sentix investor confidence data is due on Tuesday while further data from Germany will see the wholesale price index and the industrial production numbers. The week from the eurozone ends with Germany’s final inflation figures. Preliminary inflation figures released two weeks ago showed that headline consumer prices rose 0.2% on the month in June.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 3rd to 7th July 2017

The post EURUSD Weekly Forex Forecast – 10th to 14th July 2017 appeared first on Advanced Forex Strategies.

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[FOREX NEWS] GBP, JPY: Balanced Risks S/T; Buy A GBP Dip & Sell A JPY Rally L/T – BofAML

Both the pound and the yen suffered under the burden of the dollar gains. But earlier, the currencies went in different directions. What’s next? Here is their view, courtesy of eFXnews: Bank of America Merrill Lynch FX strategy Research argues that short-term risks look balanced for GBP and JPY. “On GBP, weaker data and headline risks from [...]

The post GBP, JPY: Balanced Risks S/T; Buy A GBP Dip & Sell A JPY Rally L/T – BofAML appeared first on Forex Crunch.

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