[FOREX TIP] USDCHF Weekly Forex Forecast – 8th to 12th Jan 2018

USDCHF Weekly Forex Forecast – 8th to 12th Jan 2018

Technical Outlook: The USDCHF extended the declines with price action falling to the support level near 0.9741. We can see price attempting to rebound at this level. In the near term, USDCHF could remain range bound within the 0.9894 and 0.9745 level of resistance and support. A breakout from this level will signal further direction in price. Expect to see a short term pullback to 0.9861 following which USDCHF is likely to post declines down to 0.9455 level of support.

Fundamental Outlook: A quiet week from Switzerland, data will focus on the monthly inflation numbers and the retail sales report. Switzerland will also be releasing the monthly unemployment rate figures as well. In the U.S. a somewhat busy week will see the release of the import and export price data. On Thursday, the producer price index report will show the pace of price gains at the factory gate. This is followed by Friday’s inflation report that covers the month of December.

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USDCHF Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX TIP] USDJPY Weekly Forex Forecast – 8th to 12th Jan 2018

USDJPY Weekly Forex Forecast – 8th to 12th Jan 2018

Technical Outlook: Price action in USDJPY remains broadly range bound in the medium term with price seen trading sideways within the corridor of 113.58 and 112.07. Last week’s rally off the support level saw prices coinciding with the falling trend line connecting the highs of 114.73 from 6 November 2017 and 113.75 highs from 12 December 2017. Price action had previously tested the trend line but price soon reversed. On Friday, we have a similar pattern emerging near the trend line. This could suggest another leg to the downside in USDJPY.

Fundamental Outlook: Economic data from Japan for the week ahead will focus on the wage growth factor. On Tuesday, the average cash earnings data is expected to come out. The cash earnings report will likely show whether wages are rising. This data could be important as it could potentially influence the outcome of consumer spending and as a result the consumer prices as well. Later on in the week, the bank lending data along with the current account numbers will be released.

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USDJPY Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 8th to 12th Jan 2018

EURUSD Weekly Forex Forecast – 8th to 12th Jan 2018

Technical Outlook: The EURUSD extended the gains above 1.20 handle with price trading comfortably above this level. The price level marked the completion of the bullish flag pattern upside target. We expect to see the bullish momentum fading near these highs. The support level at 1.20 handle will be important for price action. We expect EURUSD could possibly post a correction if the current gains fail to hold. The downside correction for EURUSD comes in at 1.1900 level which is the next downside target for price. This will see a retest of the bullish flag pattern’s previous resistance high.

Fundamental Outlook: Data from the Eurozone next week will see mostly tier-2 data coming out. No major impact is expected as a result of the economic releases. However, the data could potentially influence the outcome of other major indicators. The week starts off with the German factory orders followed by the Eurozone Sentix investor confidence. Later in the week, industrial production figures across some of the major Eurozone economies will be released. On Thursday, the highlight of the week will be the release of the ECB’s monetary policy meeting minutes. The minutes cover the December ECB meeting where interest rates and QE were left unchanged.

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EURUSD Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 8th to 12th Jan 2018

AUDUSD Weekly Forex Forecast – 8th to 12th Jan 2018

The Aussie has managed to post significant gains and it seems that the biggest market theme in the FX space in the beginning of 2018 is the broad based commodity currencies strength. The AUDUSD looks poised to make a significant break above key resistance level 0.7886. On the downside, the first level of support only comes at 0.7800. Only a break and a daily close below 0.7800 can open the door for more potential downside towards 0.7730 pivot level.

The stochastic indicator is already in extreme territory which suggests that a reset is needed before the next leg up to show up. There is no major risk events scheduled on the Australian economic calendar but we can mention as a proxy risk event the Chinese Trade Balance figures scheduled on Friday. We should expect the Aussie to be more technical driven due to the lack of scheduled news events on the economic calendar.

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AUDUSD Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX TIP] USDCAD Weekly Forex Forecast – 8th to 12th Jan 2018

USDCAD Weekly Forex Forecast – 8th to 12th Jan 2018

The USDCAD has extended the previous loses and it reached new lows but the current sell off looks overextended and a bounce can be in cards sooner rather than later. Despite the break below the big psychological number 1.2500 the stochastic indicator is providing us with extreme oversold conditions which suggest a pause in the current sell off.

The first level of resistance remains the big round number 1.2500 followed by 1.2550 but, we don’t expect any rally to be sustained and more likely we can see some consolidation. On the downside, the previous week low 1.2355 remains a key pivot. Any break below the support level should quickly fade away but a daily close below can open the door for more downside. The Canadian economic calendar doesn’t have anything in store that can disrupt the market volatility. We can only note as a potential risk event the Bank of Canada business outlook report survey scheduled on Monday.

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USDCAD Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 8th to 12th Jan 2018

 

The GBPUSD has managed for a second week to post a weekly close above the big psychological level 1.3500 which can define the line between the bulls and the bears. The next hurdle to the upside remains the September swing high 1.3657 which needs to be broken for the current bullish run to have more upside potential. A daily close above 1.3657 can confirm the bullish case.

However, as long as we trade below 1.3657 there is still risk that we can see more consolidation. On the downside, a break and a daily close below the round number 1.3500 can open up the door for a retest of 1.3320. The stochastic indicator isn’t showing any signs of extreme conditions which leave up the door open for a break on either side of the market. The UK economic calendar will only bring the Manufacturing Production figure and the Trade Balance figures scheduled on Wednesday. Other than that it seems a fairly quiet week in terms of risk events but traders also need to pay attention to the new coming from the other side of the monetary policy spectrum.

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GBPUSD Weekly Forex Forecast – 8th to 12th Jan 2018

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[FOREX NEWS] GBP/USD: Looking For 1.40 in Q1 On 2 Key Factors – ING

Where is GBP/USD going? It hasn’t been able to rally beyond the moves driven by the dollar’s weakness, but hasn’t fallen either. What’s next? Here is their view, courtesy of eFXnews: ING FX Strategy Research discusses the GBP outlook, and thinks that sterling is likely to reach 1.40 in Q1 of 2018 as as UK economic [...]

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