Both the euro and the yen had roller-coaster weeks against the US dollar amid rising market volatility. What’s next? Here is their view, courtesy of eFXnews: ING Research discusses the USD outlook by looking at the divergence in US yields and the USD performance, and notes the following key points. ” i) this year’s rise [...]
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USDCHF Weekly Forex Forecast – 19th to 23rd Feb 2018
Technical Outlook: The USDCHF daily chart shows a clear bullish divergence after price fell to new lows of 0.9210. The daily Stochastics is currently forming a higher low against the lower low in price. This could suggest a correction on the horizon. Look for USDCHF to retrace back to the resistance near 0.9455. If the resistance level holds, USDCHF could remain consolidating within the current levels. However, a breakout above this level could indicate further gains that could send USDCHF towards 0.9741 level.
Fundamental Outlook: Switzerland will be releasing the trade balance figures during the week which is the only economic data that will be coming out. Focus turns to the data from the U.S. which will see the existing home sales report. The FOMC will be releasing the meeting minutes from January which will give further insight into how policy makers debated at the meeting where interest rates were left unchanged. Flash manufacturing and services PMI figures from Markit will be coming up later followed by the revised UoM consumer sentiment and inflation expectations data.
Previous USDCHF Weekly Forex Forecast
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USDJPY Weekly Forex Forecast – 19th to 23rd Feb 2018
Technical Outlook: The USDJPY broke down last week as price action posted strong declines after breaking out from the support level formed at 108.43. This downside price action sent USDJPY to test new lows near 105.77. The currency pair managed to post a reversal here with Friday’s price action closing somewhat modestly higher. However, we expect that any near term gains will be capped near 107.32 which marked the 161.8% Fibonacci extension target of the descending triangle pattern. Resistance is likely to send price action to post a reversal. In the event of a failure, expect USDJPY to retest the original support breakout at 108.45 to establish resistance.
Fundamental Outlook: Data from Japan this week is very quiet with only the flash manufacturing PMI figures for February coming out on Wednesday. Previously, Japan’s manufacturing PMI data for January showed that the economy’s industry was surging ahead in full steam. Data showed that manufacturing activity had picked up and this is expected to see in new job creation as well as increased wage growth in the nation. Later in the day, the all industries activity data will also be coming out. The events are unlikely to make an impact on the market this week with the Japanese yen focusing on the broader market sentiment.
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