Weekly Forex Forecast for 23 – 27 January 2017
EUR / USD – EURO US DOLLAR
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
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
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.