[FOREX TIP] USDCHF Weekly Forex Forecast – 20th to 24th August 2018

USDCHF Weekly Forex Forecast – 20th to 24th August 2018

Fundamentals Outlook
The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.

Chart set up: The USDCHF currency pair closed with small gains with the larger timeframe indicating consolidation for the third consecutive week. On the 4-hour chart, price action has repeatedly failed to breakout above the 0.9962 resistance level.

Key support/resistance levels:
Support: 0.9907; Resistance: 0.9962

Commentary:
We expect to see further consolidation taking place near 0.9962 and the failure to post a clear breakout above this level suggests the downside momentum taking shape. The failure to breakout from the resistance level will push USDCHF lower toward 0.9907 level of support initially. Alternately, in the event that USDCHF manages to breakout above 0.9962, we could expect the ascending triangle to be validated. This will likely keep the bullish momentum as the currency pair could be seen targeting 1.0019. For the week ahead, USDCHF is expected to remain flat.

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USDCHF Weekly Forex Forecast – 20th to 24th August 2018

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[FOREX TIP] USDJPY Weekly Forex Forecast – 20th to 24th August 2018

USDJPY Weekly Forex Forecast – 20th to 24th August 2018

Fundamentals Outlook
The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.

Chart set up: The USDJPY closed last week with a doji candlestick pattern. Overall, price action remains in a consolidation phase for the most part. The USDJPY currency pair is seen trading mostly around the 111.55 and 110.75 levels of support and resistance.

Key support/resistance levels:
Support: 100.50; Resistance: 110.50

Commentary:
The newly identified falling price action is expected to show that further declines in the USDJPY currency pair are likely. Following the consolidation around 110.75 level, we expect this price level to turn to resistance. This leaves the downside toward 109.50 where support is likely to be established within the falling price channel.
In the event that USDJPY manages to breakout above the resistance level of 110.50, then the falling price action is likely to be breached. An upside breakout from the price channel will trigger the bullish trend once again. For the week ahead, the USDJPY currency pair is expected to be bearish.

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USDJPY Weekly Forex Forecast – 20th to 24th August 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 20th to 24th August 2018

EURUSD Weekly Forex Forecast – 20th to 24th August 2018

Fundamentals Outlook

The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.

Chart set up: The EURUSD managed to recover from the strong declines posted the previous week. Price action briefly fell to fresh lows close to 1.1330 before recovering the losses. However, the turnaround in price action is likely to be limited.

Key support/resistance levels:
Support: 1.1400; Resistance: 1.1550

Commentary:
With the EURUSD managing to close back above the 1.1400 level, we expect to see some upside momentum taking place. The common currency is expected to potentially make a higher low, preferably around the 1.1400 level. Following this, we expect to see price action rallying toward the 1.1550 region where resistance is likely to be formed. While the EURUSD could be seen holding on the losses around 1.1400, the break down below this level once again could signal further declines. Last week’s price action saw the currency pair briefly slipping below this support level. However, price managed to recover quickly but it signals a potential weakness in the support level at 1.1400. For the week ahead, the EURUSD is expected to bullish.

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EURUSD Weekly Forex Forecast – 20th to 24th August 2018

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 20th to 24th August 2018

AUDUSD Weekly Forex Forecast – 20th to 24th August 2018

The AUDUSD is finishing the week almost unchanged after we broke to new low hitting new lower grounds for 2018. Last week low 0.7201 is a very weak support level and there is a high risk that we might break below that level. The most important support level is 0.7150 from where the Aussie has a bigger chance to rally.

On the upside the first level of resistance is the 0.7346 from where AUDUSD can resume lower. Only a daily break and close above this level can open up the door for a retest of resistance level 0.7440. But since the stochastic indicator is already showing an overbought reading we need to wait for a retest before the bulls can have a say.

The Australian economic calendar doesn’t have any scheduled risk event other than the RBA governor Lowe speech at the Australian Securities and Investments Commission’s National Financial Capability Strategy 2018, in Canberra. Also, the RBA Governor Lowe is due to participate in a panel discussion at the Federal Reserve Bank of Kansas City Symposium, in Jackson Hole.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 20th to 24th August 2018

USDCAD Weekly Forex Forecast – 20th to 24th August 2018

The USDCAD continues to trade on a weekly closing basis the big psychological number 1.3000. As long as we trade above the big round number we have a strong case for the bullish trend. We can note also the intraday support level 1.3065 but there is a big chance for the 1.3000 level to be seen again before the bulls will show up again. Only a daily break and close below 1.3000 can at least in the short-term open the door for a retest of the support level 1.2915.

On the upside, last week high 1.3175 is our first resistance level of interest, but more importantly, we have the resistance level 1.3220 followed by the double top 1.3381. The stochastic indicator is in neutral territory and it doesn’t show any extreme reading.

There are no major risk events scheduled on the Canadian economic calendar other than the Retail Sales figures. However, BOC governor Poloz is due to participate in a panel discussion at the Federal Reserve Bank of Kansas City Symposium, in Jackson Hole.

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USDCAD Weekly Forex Forecast – 20th to 24th August 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 20th to 24th August 2018

GBPUSD Weekly Forex Forecast – 20th to 24th August 2018

The GBPUSD bleeding didn’t stop and we have reached a new technical low for 2018. The previous week low 1.2661 should now act as support, but we can’t rule out the possibility of another dip or a false breakout. On the upside, the previous week high 1.2827 is our first level of interest. A daily break and close above this level will open up the door for a retest of the 1.2900 intraday resistance levels. The stochastic indicator has entered overbought territory, so until we get a reset we can expect more range activity or there is also the possibility of the bearish trend to resume.

In the most bearish case scenario the GBPUSD exchange rate can reach the support level 1.2580 before a bounce can be seen. But since the current bearish trend looks very stretched, we can expect a retracement sooner rather than later. The UK economic calendar doesn’t bring any notable risk events that can disrupt the volatility. But, from the other side of the monetary policy spectrum the Fed will release on Wednesday the FOMC minutes of the latest meeting. Thursday and Friday we have the Jackson Hole Symposium, which will gather together the central bankers from all developed economies.

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GBPUSD Weekly Forex Forecast – 20th to 24th August 2018

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