EUR/UDS dropped to the lowest level since January as King Dollar stormed the board. What’s next? Here is their view, courtesy of eFXdata: Bank of America Merrill Lynch Research discusses EUR/USD technical outlook and notes that the pair has confirmed a triangle top on the daily chart. “The rallies in both US dollar indices (DXY and BBDXY) [...]
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USDCHF Weekly Forex Forecast – 30th April to 4th May 2018
Technical Outlook: Price action in USDCHF powered ahead but the currency pair was seen failing to post a convincing close above the resistance zone of 0.9894 – 0.9861. In the near term, we expect to see a correction in the price action. The 4-hour Stochastic has triggered an overbought market at the current levels which coincides with the resistance zone. Therefore, we expect the USDCHF to potentially correct lower. Initial support is seen at 0.9821 level which could be tested in the short term. However, USDCHF is likely to push lower to establish support at 0.9629 which could be tested in the medium term.
Fundamental Outlook: Data from Switzerland is also looking at a quiet week ahead in terms of economic releases. However, data from the U.S. will see a busy week that could keep the USDCHF in pay. The week starts off with the U.S. core PCE price index data alongside consumer spending data. The week will also see the release of the monthly ISM manufacturing PMI data and will be later followed up by the FOMC meeting and the monthly jobs report.
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Technical Outlook: The USDJPY currency pair posted strong gains on the back of a weaker Japanese yen. Price action touched a two month high at 109.14 before easing back on the day. With the current consolidation taking place near the highs, we expect to see a correction in price action in the near term. The main support level at 107.78 – 107.64 is most likely to be tested in the near term unless USDJPY manages to post a fresh high above 109.14. The 4-hour Stochastics oscillator a bit overstretched validating this view.
Fundamental Outlook: Following a busy week that concluded which saw the Bank of Japan’s monetary policy meeting, the week ahead is quiet as far as data from Japan is concerned. The Tokyo markets are closed on Monday which makes it a short and a quiet trading week. Still, the Japanese yen may be influenced by the global themes that could reflect the overall investor sentiment in the markets. The Japanese yen will also be influenced by the FOMC meeting due this week. No changes to interest rates are expected at this week’s meeting.
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EURUSD Weekly Forex Forecast – 30th April to 4th May 2018
Technical Outlook: The EURUSD currency pair posted strong declines last week as price fell to a three month low towards 1.2055. The sell off in the EURUSD currency pair came as the ECB maintained its monetary policy unchanged. Despite the central bank brushing aside concerns of the recent weak stretch of economic data, the currency pair fell sharply as the U.S. dollar was seen strengthening. The decline to the current lows however looks oversold with the potential for the currency pair to post a modest short term correction. If the EURUSD manages to breakout above the local highs of 1.2112, then we expect the upside momentum to push the price toward the immediate resistance level at 1.2200.
Fundamental Outlook: The economic calendar from the Eurozone is relatively quiet. Most of the data points to second tier information which includes the German retail sales report due on Monday. Flash inflation estimates for both Germany and the Eurozone will be coming out this week. The report will cover the inflation data for the month of April. The preliminary GDP report for the quarter ending March 2018 will also be coming out. The Eurozone’s GDP growth is expected to be somewhat modest during the first quarter after posting strong growth last year.
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The post EURUSD Weekly Forex Forecast – 30th April to 4th May 2018 appeared first on Advanced Forex Strategies.
