Weekly Forex Forecast for 23 – 27 January 2017

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Weekly Forex Forecast for 23 – 27 January 2017
January 23
10:00 2017

EUR / USD – EURO US DOLLAR

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The previous trading week ended for the currency pair EUR / USD with the level 1,0700. The pair is moving upwards.  The drop of quotations is possible to the level 1,0600, then traders shall expect the direction change of the movement.

If that is the case the currency pair EURUSD shall drop to the level 1,0500 and further below the level 1,0300.

If the currency pair manages to grow above the 1,0700 level, traders shall expect its further growth. The potential target then is the level 1,0850. After the pair reaches this level as well traders shall expect a sudden drop to the level 1,0350 and further till the level 1,0100.

 

GBP / USD – BRITISH POUND DOLLAR

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The previous trading week ended for the currency pair GBP / USD with the level 1,2372. The quotations are moving downwards. The potential target is at the level 1,1400.

RSI also indicates the possible currency pair drop till the level 1,1400. The indicator shows a test of the descending line.

If the currency pair GBPUSD manages to grow above the upper line of the descending channel, the growth can continue till the level 1,2900.

 

USD / JPY – US DOLLAR JAPANESE YEN

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The currency pair USD / JPY ended the previous week at the level 114,57. The pair is trying to grow above the level 118, this is indicated by sudden growth from the lower line of the descending channel.

RSI moved away from the support line and moved upwards. This indicates the possible price growth of the USDJPY pair till the level 118,00. But if the pair drops below the level 112,00, it will mean the further drop of the currency pair till the level 108,00.

On the 27 th of January Japan is publishing the consumer purchase rate data that can influence the Japanese currency greatly.

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2 Comments

  1. Igor
    Igor January 23, 11:24

    As a trader, I’m waiting for the data from Japan as this indicator measures the activity in all sectors of the Japanese industry and allows us to estimate the overall trend of the development of services and production as well as to monitor the dynamics of the Japanese currency and other main currencies.

    Reply to this comment
  2. Lizzie
    Lizzie January 23, 14:15

    The British Pound lost its momentum of growth against the US dollar after the published data on the retail sales in the UK surprised markets with the weak data

    Reply to this comment

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