[FOREX TIP] USDJPY Weekly Forex Forecast – 4th to 9th Nov 2018

USDJPY Weekly Forex Forecast – 4th to 9th Nov 2018

Fundamentals Outlook
The economic data for the week ahead will see the Eurozone’s manufacturing and services PMI numbers coming out. Given that the flash PMI’s signaled a modest decline in both the sectors, the markets will be looking to see how the Eurozone’s economic activity fared in the month of October. Data from Japan and Switzerland are relatively quiet for the most part of this week. Data from Japan will see some second tier data coming out. The BoJ will be releasing its monetary policy meeting minutes earlier in the week.

The economic data from the U.S. is also fairly quiet. The big event this week will be the U.S. mid-term elections. This could potentially keep the markets on the edge. Economic data over the week will see the release of the U.S. producer prices index and the ISM’s non-manufacturing PMI report. The FOMC will be holding its placeholder meeting on Thursday. No changes are expected at this week’s monetary policy meeting as the Fed will prepare the market for a December rate hike.

Chart set up: The USDJPY was seen firmly holding on to the support level at 112.74. The rebound off this level saw price action closing higher on the week. However, the resistance level at 113.58 is likely to keep the gains in the currency pair in check.

Key support/resistance levels:
Support: 111.75; Resistance: 112.74

Commentary:
The USDJPY continues to maintain a sideways range with a slight uptick. However, price action could be seen testing the resistance level mentioned. Further gains can be expected only on a strong breakout above this level. Failure to break the resistance level could mean that the currency pair will be trading flat. However, the risk sentiment for the week ahead will dictate the flows into USDJPY. We expect to see the support level being breached. For the week ahead, the USDJPY currency pair is expected to be bearish.

Previous USDJPY Weekly Forex Forecast

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[FOREX TIP] USDCHF Weekly Forex Forecast – 4th to 9th Nov 2018

USDCHF Weekly Forex Forecast – 4th to 9th Nov 2018

Fundamentals Outlook
The economic data for the week ahead will see the Eurozone’s manufacturing and services PMI numbers coming out. Given that the flash PMI’s signaled a modest decline in both the sectors, the markets will be looking to see how the Eurozone’s economic activity fared in the month of October. Data from Japan and Switzerland are relatively quiet for the most part of this week. Data from Japan will see some second tier data coming out. The BoJ will be releasing its monetary policy meeting minutes earlier in the week.

The economic data from the U.S. is also fairly quiet. The big event this week will be the U.S. mid-term elections. This could potentially keep the markets on the edge. Economic data over the week will see the release of the U.S. producer prices index and the ISM’s non-manufacturing PMI report. The FOMC will be holding its placeholder meeting on Thursday. No changes are expected at this week’s monetary policy meeting as the Fed will prepare the market for a December rate hike.

Chart set up: The USDCHF closed last week above parity. This comes after the previous week’s attempt which saw prices briefly testing parity before closing weaker. However there are signs that the USDCHF’s rally is nearing its exhaustion as the currency pair attempts to break past the resistance level of 1.0048.

Key support/resistance levels:
Support: 0.9967; Resistance: 1.0048

Commentary:
With USDCHF remains trading near the highs of the rally. The 4-hour Stochastics being in the oversold levels is likely to see the upside prevail. However, as the USDCHF turns flat near the top it is clear that the resistance level of 1.0048 remains a strong level. A catalyst is needed to break past this level which could come this week. The outcome of the U.S. elections could dictate the near term direction of the trend. Watch for a potential break down below the support at 0.9967. For the week ahead, USDCHF is expected to be bearish.

Previous USDCHF Weekly Forex Forecast

The post USDCHF Weekly Forex Forecast – 4th to 9th Nov 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 4th to 9th Nov 2018

EURUSD Weekly Forex Forecast – 4th to 9th Nov 2018

Fundamentals Outlook
The economic data for the week ahead will see the Eurozone’s manufacturing and services PMI numbers coming out. Given that the flash PMI’s signaled a modest decline in both the sectors, the markets will be looking to see how the Eurozone’s economic activity fared in the month of October. Data from Japan and Switzerland are relatively quiet for the most part of this week. Data from Japan will see some second tier data coming out. The BoJ will be releasing its monetary policy meeting minutes earlier in the week.

The economic data from the U.S. is also fairly quiet. The big event this week will be the U.S. mid-term elections. This could potentially keep the markets on the edge. Economic data over the week will see the release of the U.S. producer prices index and the ISM’s non-manufacturing PMI report. The FOMC will be holding its placeholder meeting on Thursday. No changes are expected at this week’s monetary policy meeting as the Fed will prepare the market for a December rate hike.

Chart set up: The euro currency was seen posting modest gains last week. However, the common currency still closed the week on a slightly bearish note. The rally off the support level at 1.1345 was met with the resistance level at 1.1449. This indicates that the price action is likely to remain trading flat within these levels.

Key support/resistance levels:
Support: 1.1345; Resistance: 1.1449

Commentary:
The EURUSD currency pair failed to capitalize on the weakness in the U.S. dollar. While most of the currencies rallied strongly, price action in the EURUSD was mostly muted. This comes as price action is stuck within the strong support and resistance levels. In the near term, we expect this sideways price action to continue. Given the volatility that is expected due to the U.S. mid term elections, we expect to see this range being breached. For the week ahead, the EURUSD is expected to be bearish.

Previous EURUSD Weekly Forex Forecast

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