[FOREX TIP] USDCHF Weekly Forex Forecast – 13th to 17th Mar 2017

USDCHF Weekly Forex Forecast – 13th to 17th Mar 2017

Technical Outlook: USDCHF has maintained its bullish bias but the weekly price action shows increasingly smaller bodies compared to the weekly ranges. This is indicative of a potential exhaustion to the trend in the near term with last week’s high of 1.0170 testing the 50% retracement level from the range established from the previous weekly declines. Last week saw USDCHF maintaining the price near 1.0096 support level and this could be expected in the coming week as well. However, prepare for a possible breakdown of the rising trendline that could trigger further declines down towards 1.0015 support level.

Fundamental Outlook: The Swiss franc could see some inflows this week as investors could potentially pile on to the safe haven currency ahead of the Netherlands elections on Wednesday. Still, the CHF is likely to see some event risks of its won. On Thursday March 16, the Swiss National Bank will be meeting for its quarterly monetary policy meeting. No change is expected to be made to the 3-month LIBOR rate, which stands at -0.75%. Besides the SNB’s meeting other events for the week include the PPI figures.

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USDCHF Weekly Forex Forecast – 13th to 17th Mar 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 13th to 17th Mar 2017

USDJPY Weekly Forex Forecast – 13th to 17th Mar 2017

Technical Outlook: USDJPY is seen consolidating into a rising wedge pattern and near the 114.85 support/resistance level. We can expect a near term decline and ideally a retest to 114.85 could be a good level to sell USDJPY targeting the first support level at 113.50 followed by 112.75 lower support. The bearish outlook would be invalidated on a move towards 115.50. USDJPY will be heading into a major busy week with the FOMC and the BoJ meetings lined up alongside the risks from the Dutch elections. Therefore we can expect some volatility on the USDJPY currency pair. Still, expect to see some downside move in prices in the near term.

Fundamental Outlook: The Japanese yen could be volatile in the middle of week as USDJPY will be caught between the U.S. Federal Reserve’s monetary policy meeting on Wednesday and the BoJ’s meeting on Thursday. The Bank of Japan is not expected to make any changes, while the FOMC is all set to hike rates by 25 basis points on Wednesday. The USDJPY could also come under pressure from the Netherlands elections which could also see investors flocking on the yen as a safe haven currency.

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USDJPY Weekly Forex Forecast – 13th to 17th Mar 2017

 

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[FOREX TIP] EURUSD Weekly Forex Forecast – 13th to 17th Mar 2017

EURUSD Weekly Forex Forecast – 13th to 17th Mar 2017

Technical Outlook: EURUSD was bullish as expected, but not before prices slipped below 1.0567 support level. Ideally that move would have flushed out potential long positions before the rally. With prices closing near 1.0673 on Friday, expect to see some short term declines in EURUSD back towards 1.0610 support level which previously acted as resistance before breaking out higher. This could signal possible continuation to the upside when support is established at 1.0610. To the upside, the targets are 1.0750.

Fundamental Outlook: It will be a busy week for the euro, which managed to turn bullish on Friday. Major events post big risks for the single currecy this week. On Monday, ECB President Mario Draghi is expected to speak. The euro rallied last week mostly on account of the ECB chief striking a hawkish tone. In the event of a U-turn from the ECB president, the single currency could come under pressure. Later in the week, on Wednesday, the Netherlands will be holding its general elections. The results are expected to come out on March 21, but early exit polls will likely see some volatility build up for the EURUSD. Also expect to see the final inflation numbers for February, which is expected to show the Eurozone headline inflation at 2.0%, while core inflation is expected to remain steady at 0.9%.

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EURUSD Weekly Forex Forecast – 13th to 17th Mar 2017

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