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[FOREX TIP] USDCHF Weekly Forex Forecast – 24th to 28th Dec 2018

USDCHF Weekly Forex Forecast – 24th to 28th Dec 2018

Fundamentals Outlook
The week ahead is expected to be quiet as the holiday season kicks in. This marks periods of low volatility and liquidity leading to erratic price movements in the currency pairs. Therefore, it is best to stay on the sidelines until the liquidity picks up. The economic calendar for the week ahead will see mostly second tier data coming out. This could potentially be the catalyst for erratic price action. The week starts off with the Bank of Japan’s core inflation data coming out on Wednesday. The BoJ’s core CPI is forecast to rise 0.6% marking the same pace of increase as the month before.

The BoJ Governor Kuroda is also due to speak later on Thursday which could keep the yen a bit volatile. Retail sales and preliminary industrial production figures mark the economic data from Japan for the rest of the week. The euro markets are closed on Monday and Tuesday. Economic data over the week will see the preliminary inflation data from Germany. Economists polled forecast that German inflation increased 0.3% during December. However, given the recent drop in fuel prices there is a big chance that inflation could miss estimates. Data from the U.S. is relatively quiet with only second tier information such as the Chicago PMI and the Conference Board’s consumer confidence index report coming out over the week.

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Chart set up: The USDCHF currency pair was seen testing the lower support at 0.9870. The decline to this level has formed a double bottom pattern. This could potentially indicate an upside breakout if the double bottom pattern is validated. The short term high near 0.9989 is the key followed by the resistance level at 1.0000.

Key support/resistance levels:
Support: 0.9970; Resistance: 1.0001

Commentary:
If the double bottom pattern in USDCHF is validated, then we can expect to see new highs being formed. However, this is subject to the double top pattern being validated and especially the resistance level at 1.0000 being breached. Considering that this level marks parity for USDCHF, we could expect some stiff resistance at this area. But a successful breakout will no doubt push the USDCHF higher. To the downside, expect price action to maintain a sideways range if the resistance fails to hold the gains. For the week ahead, USDCHF is expected to be flat.

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Previous USDCHF Weekly Forex Forecast

The post USDCHF Weekly Forex Forecast – 24th to 28th Dec 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 24th to 28th Dec 2018

USDJPY Weekly Forex Forecast – 24th to 28th Dec 2018

Fundamentals Outlook
The week ahead is expected to be quiet as the holiday season kicks in. This marks periods of low volatility and liquidity leading to erratic price movements in the currency pairs. Therefore, it is best to stay on the sidelines until the liquidity picks up. The economic calendar for the week ahead will see mostly second tier data coming out. This could potentially be the catalyst for erratic price action. The week starts off with the Bank of Japan’s core inflation data coming out on Wednesday. The BoJ’s core CPI is forecast to rise 0.6% marking the same pace of increase as the month before.

The BoJ Governor Kuroda is also due to speak later on Thursday which could keep the yen a bit volatile. Retail sales and preliminary industrial production figures mark the economic data from Japan for the rest of the week. The euro markets are closed on Monday and Tuesday. Economic data over the week will see the preliminary inflation data from Germany. Economists polled forecast that German inflation increased 0.3% during December. However, given the recent drop in fuel prices there is a big chance that inflation could miss estimates. Data from the U.S. is relatively quiet with only second tier information such as the Chicago PMI and the Conference Board’s consumer confidence index report coming out over the week.

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Chart set up: The USDJPY saw a volatile week as price action broke past multiple levels of support after hitting the resistance area near 113.65. The sharp decline saw only a few pull backs and the declines came out strongly. Breaking past the lower support level at 111.78, the USDJPY is likely to signal further declines in the coming weeks.

Key support/resistance levels:
Support: 110.50; Resistance: 111.78

Commentary:
The strong declines in the USDJPY have pushed around the support and resistance levels. The area of 111.78 which previously served as support was breached. This indicates that the USDJPY could potentially test this level in the short term to establish resistance. Forming resistance at 111.78 could indicate further declines. The next downside target in USDJPY is seen at 110.50. This is a long term support level that has held up. As a result, we expect the currency pair to post a rebound on an initial test of this level. For the week ahead, the USDJPY currency pair is expected to be flat.

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Previous USDJPY Weekly Forex Forecast

The post USDJPY Weekly Forex Forecast – 24th to 28th Dec 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 24th to 28th Dec 2018

EURUSD Weekly Forex Forecast – 24th to 28th Dec 2018

Fundamentals Outlook
The week ahead is expected to be quiet as the holiday season kicks in. This marks periods of low volatility and liquidity leading to erratic price movements in the currency pairs. Therefore, it is best to stay on the sidelines until the liquidity picks up. The economic calendar for the week ahead will see mostly second tier data coming out. This could potentially be the catalyst for erratic price action. The week starts off with the Bank of Japan’s core inflation data coming out on Wednesday. The BoJ’s core CPI is forecast to rise 0.6% marking the same pace of increase as the month before.

The BoJ Governor Kuroda is also due to speak later on Thursday which could keep the yen a bit volatile. Retail sales and preliminary industrial production figures mark the economic data from Japan for the rest of the week. The euro markets are closed on Monday and Tuesday. Economic data over the week will see the preliminary inflation data from Germany. Economists polled forecast that German inflation increased 0.3% during December. However, given the recent drop in fuel prices there is a big chance that inflation could miss estimates. Data from the U.S. is relatively quiet with only second tier information such as the Chicago PMI and the Conference Board’s consumer confidence index report coming out over the week.

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Chart set up: The EURUSD currency pair failed to validate the head and shoulders pattern last week. As a result, price action reversed the declines mid-way and pushed higher. The reversal led to a rally in the EURUSD which is now seen capped near the resistance level of 1.1449 – 1.1463 region. The support in the mean time remains at 1.1241.

Key support/resistance levels:
Support: 1.1241; Resistance: 1.1449 – 1.1463

Commentary:
The EURUSD is expected to maintain this range in the medium term. We can expect the trend to form only on a breakout from the resistance or the support level. Until then, the EURUSD is expected to trade flat. It is ideal to not take a position under the current circumstances as volatility could rise while prices tend to stay flat. In the near term, watch for price bounce off the levels and stay on the sidelines until the longer term picture is more clear. For the week ahead, the EURUSD is forecast to remain flat.

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Previous EURUSD Weekly Forex Forecast

The post EURUSD Weekly Forex Forecast – 24th to 28th Dec 2018 appeared first on Advanced Forex Strategies.

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