Weekly Forex Forecast for 3 – 7 October 2016
It should be noticed that predicting the future of EUR / USD, 60% of analysts have voted for the pair growth to the resistance of 1.1260-1.1280, and on Monday the pair really reached the mark of 1.1279. 40% of the experts spoke for its downfall, and on Friday the pair found the bottom at the area of 1.1150. This time the number of supporters of the sideways movement was equal to 0. However, if at least one expert pointed to the east, exactly his forecast would prove to be the most accurate, as the pair has finished five days almost in the same place where it began – at the level of 1.1240;
GBP / USD pair is now in the lower zone of three-month sideways channel, and most analysts expect it to continue to fall to August lows in the area of 1.2850. However, the pair chose to follow the example of EUR / USD, and by using the center channel line of 1.3060 as the resistance, it turned into a sideways trend. As a result, a week-long session ended with a zero result – the pair has grown by less than 10 points for five days;
A similar pattern was observed for the pair of USD / JPY. Here, the majority of experts – 70% supported by indicators and the graphical analysis, insisted on the continuation of the downtrend. It was noted that the pair had to take a lot of efforts to overcome the very strong support at the level of 101.00. As for the nearest goal, it was denoted as 99.00-100.00. As a result, the pair was able to come close to the level of 100.00 for a short time, and then decidedly went up and finished the week at the mark of 101.33;
Giving a forecast for the pair USD / CHF, experts together with indicators claimed that it should be tested at least once at the level of 0.9660, and then go back to Pivot Point of 0.9800. This forecast was justified by 100%. For a week the pair has taken as many as four attempts to break the pointed support, and two of them were successful. As a result, on Thursday the pair updated the low of September, falling to the level of 0.9640, and then, as predicted, moved back up, rising on Friday to the mark of 0.9755. As for the end of the working week, it was the same as in the other three pairs of our review – finishing area has substantially coincided with the start one and the pair met the weekends at the level of 0.9712.