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Weekly Forex Forecast for 11 – 15 July 2016

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Weekly Forex Forecast for 11 – 15 July 2016

Weekly Forex Forecast for 11 – 15 July 2016
July 11
10:00 2016

First, a few words about the forecast for the previous week:

  • with regard to EUR / USD, the forecast for this pair can be considered 100% fulfilled. As a reminder, based on the testimony of the graphical analysis a sideways trend in the range of 1.1035-1.1180 was called as the main scenario. Indeed, the pair was within 1.1028-1.1185 during the week, and even the publication of data on NFP on Friday could not drive it out of the channel for a long time. As a result, the pair finished five days at the level of 1.1050;
  • giving a forecast on the future of GBP / USD, most experts tended to think that within a month the pair should fall below 1.3000. The weekly forecast predicted the sideways movement with Pivot Point 1.3300. However, the pair failed to climb above this level, and during the first half of the week it fulfilled the monthly plan, having moved down to the level of 1.2795. Then it changed over to a sideways trend in the channel 1.2870-1.3050;
  • predicting the behavior of the USD / JPY, almost 70% of analysts, with the support of 100% indicators and graphical analysis on H4, voted for the drop of the pair to the area of 100.00-101.00, which happened with 100% accuracy: the area of 100.20 became the main support for the pair, the low of the week – 99.98;
  • USD / CHF – the forecast for this pair indicated a great probability of fluctuations around the Pivot Point 0.9800 and the pair’s desire to return to the landmark level of 1.0000. As a result, the pair soared on the news from the USA, reached the level of 0.9865, then rebounded and ended the week at 0.9830.

The forecast for the upcoming week:

Summarizing the views of several dozen analysts from the world leading banks and brokerage firms as well as the forecasts made on the basis of a wide variety of methods of technical and graphical analysis, we can say the following:

  • this time it was easy to summarize the views of experts and technical analysis regarding the future of EUR / USD. 90% of the analysts, 100% of indicators and the graphical analysis predict the fall of the pair to a minimum of June 24, the day when the results of the British referendum had been released. After that, the pair should go to the side movement within 1.0900-1.0970. The alternative scenario also suggests the movement in the sideways channel, but slightly to the north – in the range of 1.0970-1.1050;
  • with regard to the future of GBP / USD, it is clear that the views of indicators (70%) face the south. 25% of the experts also look southwards. However, according to most analysts, supported by the graphical analysis, after bouncing off the bottom in the area of 1.2860, the pair will go upward, where, reaching the resistance of 1.3370, for some time it should keep within the channel of 1.3100-1.3370, and then it will return to the support of 1.2860;
  • as for the last pair of our review – USD / CHF, the prognosis is almost the same – fluctuations around the Pivot Point of 0.9850 with prevalence of the bullish trend. The nearest resistance level – 0.9945, the target – 1.0000.

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