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[FOREX TIP] USDCHF Weekly Forex Forecast – 27th to 31st August 2018

USDCHF Weekly Forex Forecast – 27th to 31st August 2018

Fundamentals Outlook
Economic data for the week ahead will see only the U.S. second revised GDP estimates standing out. Data from Japan, Switzerland and the Eurozone take a backseat. Some of the economic reports from the U.S. will cover the personal spending and personal income data. The core PCE price index data will also be due this week. In the Eurozone, data will see the release of the German retail sales figures. Flash inflation estimates for the month of August will give preliminary insight into consumer prices for August. Data from Japan and Switzerland are light for the week ahead.

Chart set up: The USDCHF currency pair fell sharply to test the lower support at 0.9821. The strong losses pushed the currency pair to test the support level twice. At the same time, the 4-hour Stochastic Oscillator is seen printing a higher low as a result. This suggests some divergence building up.

Key support/resistance levels:
Support: 0.9821; Resistance: 0.9867

Commentary:
With the USDCHF currency pair testing the lower support, we expect to see some upside momentum. However, in the near term price action could remain trading within 0.9861 – 0.9821 levels. An upside breakout could trigger gains pushing USDCHF toward 0.9907 which would mark a retracement to the decline. For the week ahead, USDCHF is expected to remain slightly bullish.

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The post USDCHF Weekly Forex Forecast – 27th to 31st August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 27th to 31st August 2018

USDJPY Weekly Forex Forecast – 27th to 31st August 2018

Fundamentals Outlook
Economic data for the week ahead will see only the U.S. second revised GDP estimates standing out. Data from Japan, Switzerland and the Eurozone take a backseat. Some of the economic reports from the U.S. will cover the personal spending and personal income data. The core PCE price index data will also be due this week. In the Eurozone, data will see the release of the German retail sales figures. Flash inflation estimates for the month of August will give preliminary insight into consumer prices for August. Data from Japan and Switzerland are light for the week ahead.

Chart set up: The USDJPY currency pair was seen breaking past the resistance level at 110.75. The reversal which eventually posted a breakout above this level pushed the currency pair briefly higher. However, the failure to test the lower support at 109.50 remains a considerable risk for the currency pair in the near term.

Key support/resistance levels:
Support: 11.57; Resistance: 111.55

Commentary:
The USDJPY currency pair reversed mid-way before the support at 109.50 could be tested. This reversal was led by a strong breakout from the resistance level at 110.75. By Friday’s close, the USDJPY currency pair pushed higher before slightly losing momentum just below 111.55. The currency pair could be seen extending the gains slightly toward 111.55 before easing back. The retest of lower support at 110.75 could be a possibility. In the near term, the USDJPY currency pair could remain flat, trading within the mentioned levels. In the event of a downside breakout, the currency pair could once again attempt to test the lower support at 109.50. For the week ahead, the USDJPY currency pair is expected to be bearish.

Previous USDJPY Weekly Forex Forecast

The post USDJPY Weekly Forex Forecast – 27th to 31st August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 27th to 31st August 2018

EURUSD Weekly Forex Forecast – 27th to 31st August 2018

Fundamentals Outlook
Economic data for the week ahead will see only the U.S. second revised GDP estimates standing out. Data from Japan, Switzerland and the Eurozone take a backseat. Some of the economic reports from the U.S. will cover the personal spending and personal income data. The core PCE price index data will also be due this week. In the Eurozone, data will see the release of the German retail sales figures. Flash inflation estimates for the month of August will give preliminary insight into consumer prices for August. Data from Japan and Switzerland are light for the week ahead.

Chart set up: The EURUSD currency pair was seen posting strong gains last week. The rally came just after the common currency posted strong losses and fell to fresh yearly lows. After forming the bottom, the EURUSD made a brief retest back to 1.1400 before posting strong gains over the week and closing at 1.1627.

Key support/resistance levels:
Support: 1.1550; Resistance: 1.1627

Commentary:
With the support and resistance level established at 1.1627 and 1.1550 the EURUSD currency pair is expected to post a brief consolidation within these levels. A breakout from either of these levels could indicate further gains or losses in the near term. The bias is likely to the downside as the euro currency could be seen retracing the gains. This is also slightly validated by the bearish divergence on the 4-hour Stochastic indicator. The euro currency could be seen extending the declines down to 1.1400 lower support that was only briefly tested. Alternately, in the event that the EURUSD breaks out above 1.1627 then we expect to see further gains to push the currency pair toward the next round number support at 1.1700. For the week ahead, the EURUSD is expected to be slightly bearish.

 

Previous EURUSD Weekly Forex Forecast

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