Announcement

**Julia NordFX** · 02-02-2015, 09:21 PM

binary.nordfx.com). Binary options are admittedly among the most affordable and high-yielding tools to date.

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**NeiSep** · 02-02-2015, 09:30 PM

just out of curiosity how did you find this page ?

and were is this broker located ?

Best regards Jimmie

**Julia NordFX** · 05-24-2015, 12:18 PM

Generalized Forex Forecast for 25-29 May 2015

First, a few words about the forecast for the past week. We then regarded with suspicion the analysts’ opinions that unanimously predicted growth for all four pairs, and our doubts were justified:
- taking into account graphical analysis and an almost complete Inverted Hat pattern, it was suggested that on drawing the second brim of the hat, EUR/USD would sharply go downwards to 1.1070, which happened in fact;
- the forecast for GBP/USD was also fulfilled 100%. The pair predictably bounced off the upper boundary of the corridor and finished near the corridor’s lowest mark – 1.5500;
- over the last few months it was often said that USD/JPY would try to reach the height of 122.00. However, all that time the pair couldn’t pass the level of 120.50. Finally, the long awaited breakthrough happened, and the pair almost reached the coveted peak, finishing the week at 121.55;
- considering USD/CHF movements, we predicted a rise to at least 0.9290-0.9380. The pair quickly completed the set task and between Tuesday and Friday it remained in this corridor. Only at the end of the week did the pair move further up, taking after the US Consumer Price Index.

***

Now regarding the forecast for the coming week. Generalizing the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be said:
- it very well may be that EUR/USD’s story with the second brim of the Inverted Hat isn’t over yet. Judging by the experts’ opinions (↑ – 42%, → – 6%, ↓ – 52%), it can’t be ruled out that the pair will go up, although almost all the indicators point towards its fall (↑– 9%, → – 9%, ↓ – 82%). The level of 1.1000 may become a very strong support for the pair, from which it will move upwards. If the pair manages to overcome the resistance around 1.1110, it will enter into a sideways trend of 1.1110-1.1400 and continue to draw the hat pattern. On the other hand, if the indicators are right and EUR/USD, having broken through the support at 1.1000, goes down, it may reach the zone of 1.0660-1.0800;
- GBP/USD also appears to have reached a strong support level of 1.5500. The analysts each have their own opinion (↑ – 38%, → – 32%, ↓ – 30%), so do the indicators – on the H4 timeframe the consensus is for a downward movement, on D1 – for a rise. Thus, we’ll venture to suggest that in the next few days the pair will be fluctuating in the 1.5500-1.5800 range;
- the opinions of the experts also diverge regarding the future of the USD/JPY pair (↑ – 38%, → – 12%, ↓ – 50%). The indicators, however, are clearly on the side of the bulls (↑ – 91%, → – 9%, ↓ – 0%), which most probably will rely on the support of 120.70 and push the pair up to 122.00. The second strong support level will be 120.20;
- a strong inverse correlation between USD/CHF and EUR/USD has been mentioned repeatedly in the forecasts, which is why there are two possible scenarios for USD/CHF: the first is a rise to a very strong resistance level of 0.9500 followed by a rebound downwards; the second is a fall starting already on Monday. In this case, support will be at the levels of 0.9370 (weak) and 0.9300 (main).

Roman Butko, NordFX

**Julia NordFX** · 05-31-2015, 03:00 PM

Generalized Forex Forecast for 1-5 June 2015

Let us start with a review of the forecast for the previous week:
- two scenarios were suggested for EUR/USD. One of them, supported by 52% of the analysts and 82% of the indicators, came true – the pair broke through the strong support at 1.1000, reached the zone of 1.0800 and, after a rebound, on Friday returned to where it had started – the level of 1.1000, which has now changed from support to resistance;
- there was total discord regarding GBP/USD among both analysts and indicators last week. Yet this pair also behaved decisively by immediately breaking through the strongest support at 1.5500 and running stepwise to the level below – the next support around 1.5300;
- the forecast for USD/JPY was fulfilled and even exceeded expectations. The pair was predicted to go up to 122.00 while it actually managed to rise above 124.00, reaching the high of July 2007;
- the behavior of USD/CHF has become very predictable lately – a strong mirror correlation with EUR/USD. Something similar took place last week – USD/CHF was expected to rise to a very strong resistance level of 0.9500 followed by a rebound downwards, which did happen.

Now regarding the forecast for the coming week. Generalizing the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be said:
- the majority of experts (↑ – 69%, → – 12%, ↓ – 19%) predict a steady rise for the EUR/USD pair. The technical indicators on the H4 timeframe concur. Yet on D1 they show the opposite – a downward movement. Furthermore, the systems of graphical analysis clearly draw a rebound downwards from the strong level of resistance 1.1000 to at least last week’s support around 1.0800. In fact, this appears to be a most likely scenario;
- there’s a real clash between the analysts and the indicators regarding the forecast for GBP/USD. Most of the former are for a rise (↑ – 61%, → – 15%, ↓ – 24%) whereas the latter predict a fall (↑ – 17%, → – 8%, ↓ – 75%). Considering that last week, contrary to the expectations, instead of rebounding off the support of 1.5500, GBP/USD broke through it, the pair can be expected to hold out in the range of 1.5250-1.5500 for at least a week this time. Already on Monday or Tuesday it should be clear whether the pair will take a timeout or continue its fall to 1.5000;
- both experts (↑ – 57%, → – 14%, ↓ – 29%) and indicators (↑ – 78%, → – 18%, ↓ – 4%) foretell USD/JPY to rise further to the next symbolic high of 126.00, which the pair reached last all of 15 years ago. This historic charge may turn out not so easy to execute, and the pair may have to keep charging, pushing off the support in the area of 123.20-123.60;
- yet again, there is nothing original for USD/CHF – an inverse correlation with EUR/USD and no independent escapades. The most probable scenario is a rebound from 0.9400 to 0.9540. Or alternatively, a fall to 0.9280.

Roman Butko, NordFX

**Julia NordFX** · 06-07-2015, 05:04 PM

Generalized Forex Forecast for 8-12 June 2015

First, a review of last week’s forecast:
- the majority of experts (↑ – 69%, → – 12%, ↓ – 19%) predicted a stable rise for EUR/US. The technical indicators on the H4 timeframe concurred. However, the systems of graphical analysis drew a downward rebound to the level of resistance at 1.1000. The rebound did happen, though not as strong as expected – the pair rolled down by 100 points and then, validating the experts’ opinion, moved upwards again reaching the strong resistance level of 1.1280-1.1300;
- the forecast for the GBP/USD pair was fulfilled 100%. It was predicted that despite the obvious gravitation towards the 1.5000 mark, the pair would spend the whole week in a sideways trend, which happened. The pair ended up where it had started the week – around 1.5270;
- the forecast for USD/JPY was also 100% accurate. It was expected that when assailing the height of 126.00, the pair would stage charge after charge, pushing off the support around 123.60. There were three such charges the previous week, and only on Friday did the pair break through the Japanese defence line at 124.60, almost reaching the target after a powerful surge;
- nothing original was predicted for the USD/CHF pair – an inverse correlation with EUR/USD and two possible scenarios: the first being a rebound from 0.9400 upwards, the alternative being a fall to 0.9280. The pair managed to execute both scenarios, after which it returned to the start mark of 0.9400.

Now regarding the forecast for the coming week. Generalizing the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be said:
- an absolute majority of the experts and the indicators (61%) predict that EUR/USD will complete Friday’s correction and continue to move up to 1.1500. It should be noted, however, that the very same experts agree that in July-August the pair ought to move back down to at least 1.0400-1.0500. According to graphical analysis, on Monday the pair should grow to the level of 1.1190 and then dash downwards to 1.1000;
- the clash between the analysts and the indicators regarding the future of GBP/USD continues. Most of the former (77%) are for the pair’s rise while the latter (100%) are for its fall. Considering that last week the pair was in a sideways trend, it can be assumed that this week the pair will be fluctuating around the axis of 1.5270, remaining in a 1.5150-1.5450 range. On a larger timeframe, the pair can be expected to return to the area of 1.5000;
- last Friday, USD/JPY already arrived at the level of June 2007, and the next record high will be 135.00 where the pair was in the winter of 2002. However, for this purpose the pair must first take hold around 126.00. The technical indicators offer two possible Pivot Points – 124.30 and 125.40. It seems more probable that 124.30 will become a support level for USD/JPY, leaning on which the bulls will push the pair upwards to the area of 126.70-127.40;
- 70% of the experts, 61% of the H4 indicators as well as the systems of graphical analysis predict that USD/CHF will rise to at least 0.9530. The main support level should be at 0.9340, to which the pair may descend at the start of the week in order to shoot upwards then.

Roman Butko, NordFX

**Julia NordFX** · 06-09-2015, 06:43 PM

Crownless Krone
Currency Basket 2015-2016: How to Avoid Financial Setbacks
Causes and Effects of Black Thursday

Without question, the reliability of a currency concerns not only representatives of the IMF, central banks and other systemically important financial institutions but anyone deciding what country’s banknotes will at the very least safeguard their savings and ideally increase them.

For the past five or six years, currency ratings have been topped mostly by the Norwegian krone and the Swiss franc rather than by the US dollar or the euro. Back in 2008, HSBC analysts declared the Norwegian krone the most stable currency in the world. The same was said about the Swiss franc by nearly all world leading experts.

In 2011, the Swiss National Bank (SNB) reaffirmed its commitment to the minimum exchange rate of CHF 1.20 per euro and was prepared to buy foreign currency extensively in order to maintain it. Thus, taking into account the average interest rate Libor, the pair was supposed to be trading at 1.22-1.24 in the medium term. Rumor had it that the SNB might raise the EUR/CHF rate to 1.3-1.4 due to a sluggish economic situation in Switzerland.

Over the recent years, the Swiss National Bank kept the established rate. On 12 January 2015, SNB vice president Jean-Pierre Danthine officially called the cap on the franc a cornerstone of the country’s monetary policy. But already on Thursday, 15 January, catching the majority of financial market players off guard, the SNB decided to abandon all the restrictions for the currency market. As a result, the franc soared up almost instantaneously, even up to 30 percent at a time, which hasn’t happened for the past 25 years.

Who were the losers? In fact, there were many:
■ Firstly, it’s the SNB itself, whose assets were kept mainly in dollars and euros. As these currencies depreciated, the bank sustained a loss of about 60 billion.
■ Secondly, Switzerland’s economy was dealt quite a heavy blow. According to national stock market data, on Thursday, 15 January, the Swiss Market Index (SMI), comprising 20 largest companies, dropped 8.67 percent. One of the country’s main revenue items is exports. Swiss goods aren’t generally cheap, and if, for instance, Swiss chocolate becomes more expensive even by 15 percent, it will quickly start giving way to French and Belgian chocolate. The same applies to medicines and other export products. In Jean-Pierre Danthine’s words again, exporters may come short of 5 billion francs. On top of it, the share of tourism might contract whereas it currently stands at 7 percent of Switzerland’s GDP.
■ Thirdly, steep losses were sustained by those who had taken out Swiss franc loans as they got more expensive by 20 percent overnight. In France, for one, such contracts made 50 percent. Millions of private borrowers in other countries were affected by that turn of events – they considered the franc the most stable currency and thus believed that Swiss franc mortgages would be the most secure.
■ Deutsche Bank lost nearly €130 million due to the exchange rate, about the same as the US group Citibank in Europe and Barclays.

John Gordon, a leading analyst with international brokerage NordFX comments, “The exchange rate plunged so swiftly that brokers simply couldn’t close positions fast enough and those who traded against the franc suffered huge losses. The consequences for the Forex market were very grave, and hundreds of thousands of people worldwide said goodbye to their capitals.”

The next logical questions are why all that happened and who benefitted from it?

Some analysts tend to believe it was a plot by financiers (like what George Soros did with the British pound on Black Wednesday 1992). To prove it, they refer to a recoil 20 minutes after the fall of the dollar and euro rates – the profits gained by the initiators of the crash. They say that the initiators actually skimmed a 20 percent profit in just a few minutes!

Despite the fact that such a recoil did happen, most international experts hold a different view of the event. According to Alessandro Bee, a strategist at J. Safra Sarasin AG in Zurich (one of the oldest banks in Switzerland), the Swiss National Bank didn’t see any future for the franc rate cap, considering the strong US dollar and quantitative easing ahead in the eurozone.

Pick your reason (a possible Grexit, imminent ECB plans or the UK’s in-out EU referendum), the euro itself is facing a serious crisis and soon – so much so that, in Swiss bankers’ opinion, there’s just no time to contrive smart moves. Therefore, regardless of the losses, they decided to unpeg the franc from the euro. Otherwise, the sinking ‘euro Titanic’ would inevitably pull down the Swiss economy in its wake. Switzerland’s GDP certainly looks impressive with its $600 billion but, in comparison with the EU’s total GDP of 15,669 billion, it’s just too small to keep the euro afloat.

“What occurred has once more proved that it’s hardly possible to find an absolutely quiet and all-around sheltered haven for one’s savings,” says John Gordon from NordFX. “For instance, see what happened to the exchange rates of two of the most stable currencies supposedly. On January 15th, the Norwegian krone fell against the Swiss franc by over 17 percent. Krone investors lost majorly. Recently, I’ve come to realize once again that only a multi-currency basket can provide real capital protection. As for its makeup for the upcoming year or two, I wouldn’t concentrate on Norway’s krone. It’s just too dependent on oil prices and has dropped against the US dollar by about 25 percent over the past year alone. So, despite the Black Thursday developments, I still wouldn’t get rid of euros but actually stick with the classic combination – euros, US dollars and Swiss francs.

NordFX analysts believe that these three currencies aim at exchange rate parity around 1.0000, and the formation of such a congruent triangle should become the main trend for the next 6 months to a year. By the way, it’s not just our opinion but according NAB (National Australia Bank) forecasts, the EUR/USD exchange rate will reach 1.0000 already by this December and stay around it till at least the summer of 2016. Besides, SNB vice chairman Bruno Gehrig assured that the Swiss Central Bank would carry out large-scale interventions in order to curb growth of the domestic currency. To sum up, the tri-currency basket may not yield spectacular profits but, in any case, will help to prevent any tangible setbacks by acting like a gyroscope in a stable position regardless of the fluctuations on financial markets.”

**Julia NordFX** · 06-14-2015, 05:16 PM

Generalized Forex Forecast for 15-19 June 2015

First, a few words about the forecast for the past week:
- most experts and technical indicators (61%) predicted that EUR/USD would rise further to 1.1500. The pair indeed went up, quickly reached a very strong level of resistance in the zone of 1.1280-1.1300 and then rolled back, repeating the scenario of the first week of June and finishing the five days at 1.1260;
- last week saw a continued battle between the analysts and indicators regarding the future of GBP/USD. The former, for the most part (77%), were for the pair’s rise, the latter – for its fall. Looking at the chart, you can see how convincing the victory of the experts turned out to be – climbing up at an angle of 45 degrees, the pair reached the symbolic mark of 1.5550 by Friday;
- USD/JPY apparently decided that it was ascending too fast and, instead of the expected continuation of growth, made a swift nosedive, turning the 123.80 support level into resistance;
- USD/CHF was expected to fall to 0.9340 at the beginning of the week and then rebound upwards. The pair indeed went down but, dashingly breaking through the level of 0.9340, changed it from support to a Pivot Point under somewhat prevailing bearish tendencies.

Now regarding the forecast for the coming week. Generalizing the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be concluded:
- the majority of the experts (71%) predict that EUR/USD may fall to 1.1050, assuming the pair’s monthly sideways trend will be in a 1.1050-1.1350 corridor. The indicators on H4 and D1 also support the idea of a sideways trend with Pivot Points on the line of 1.1260. With this, they don’t rule out the pair may rise at the start of the week;
- as for the future of GBP/USD, the analysts are at a total loss (↑ – 29%, → – 29%, ↓ – 42%). The indicators however are clearly (83%) for the pair’s rise to the level of 1.5680. Support is around 1.5440 – if you consider graphical analysis, the pair is bound to fall to this level first;
- there’s no unanimity among the experts about USD/JPY either. The summary of their forecasts produces a 122.45-125.00 corridor with a Pivot Point at 123.50. On the D1 timeframe, the indicators totally agree with the analysts. As for the indications on H4, they show a possible fall to the bottom boundary of the corridor early in the week;
- as for the USD/CHF pair, 67% of the experts predict its rise at least to the main level of resistance of the previous week around 0.9400. In case the pair manages to break through this defence line, its next target will become 0.9500. However, the indicators on H1, H4, D1 and even W1 persistently assert the opposite, giving a distinct advantage to the bears. Acting usually as a third force, graphical analysis has sided with the human mind this time – it shows the pair’s rise to 0.9400 first and then its return to support at 0.9300 or 0.9250.

Roman Butko, NordFX

**Julia NordFX** · 06-21-2015, 06:42 PM

Generalized Forex Forecast for 22-26 June 2015

First, let’s review last week’s predictions:
- the forecast for the EUR/USD pair for the previous five days was based on the assumption of a monthly sideways trend in the range of 1.1050-1.1350 with Pivot Points along 1.1260. With that, the possibility of a rise at the start of the week was not excluded. Until Wednesday, EUR/USD followed the forecast to the letter but later, due to the news from the US Federal Reserve, it shot upwards, breaking through the level of resistance at 1.1350. Then, however, the pair quickly returned to the mentioned range and finished the week near its upper boundary;
- the analysts and the indicators were certain that GBP/USD would grow to 1.5680. Before that, according to graphical analysis, the pair was supposed to fall to the support level around 1.5440. That actually happened – on Monday the pair fell to 1.5487 and then went upwards, reaching the target upper boundary by Wednesday. Later on, the news from England and the USA started to actively push the British pound even higher, which resulted in the pair reaching the level of last December;
- despite the reports from the USA, the USD/JPY pair managed to remain in the mentioned range of 122.45-125.00 with the Pivot Point at 123.50, fulfilling the forecast 100%;
- in the standoff between the analysts and the indicators about the future of USD/CHF, the latter came out to be right, supported by graphical analysis. As predicted, the pair first went up and then dropped down, reaching the support level at 0.9250. Then, due to the very same news from the USA, the pair decisively broke through it and turned the support into the upper level of a sideways trend.

Now regarding the forecast for this week. Summarizing the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be put forward:
- the absolute majority of the experts tend to believe that EUR/USD will remain in the monthly sideways trend and thus will have to fall to its bottom boundary around 1.1200 and even further to 1.1160. Graphical analysis confirms this. The indicators are definitely (74%) against all of the above. Most likely, the pair’s movements early in the week will make it clear which of the forecasts should be trusted;
- the indicators show just one thing for GBP/USD – only an upward movement. The analysts, in turn, are again at a loss: ↑ – 33%, → – 12%, ↓ – 55%. Graphical analysis as an arbitrator supports the pair’s entering into a sideways trend and a fall to the levels of the beginning of May. Support will be around 1.5800 and 1.5740;
- most experts (60%), indicators (52%) and even graphical analysis agree that GBP/USD should first fall to 121.50-122.00 but their further forecasts diverge. Even with graphical analysis, there is an antagonism – the H4 timeframe clearly shows a rebound upward and a 122.00-124.50 sideways corridor while D1 pulls the pair further down to support at 120.00, the level off which the pair may rebound and rise even above 126.00;
- all forecasts of the experts regarding the USD/CHF pair continue to spin around 0.9250. At first, it was support, then became resistance, and now the experts consider it a Pivot Point. Yet the indicators propose a slightly lower Pivot Point around 0.9180-0.9200. In both cases the talk is about a sideways trend, the difference being that in the former case, the boundaries are set in the range of 0. 9080-0. 9390 while in the latter, upper resistance will be about 0.9250.

Roman Butko, NordFX

**Julia NordFX** · 07-05-2015, 04:46 PM

Yuan 2020: Buy or Sell?

A recent report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says that China’s national currency got firmly established in the top 5 of the most used currencies of the world’s economy. Moreover, the share of yuan payments globally has been rising sharply and exceeded 2 percent. Even more impressive is the value of yuan transactions in international trade – one of these days it will surpass 10 percent.

Over the past five years, the yuan has turned into a major regional currency, primarily due to China’s trade integration with the main developing markets. In East Asia, there’s actually a bloc of countries that have pegged their national currencies to the yuan more than to the US dollar. They include Indonesia, Malaysia, Singapore, Taiwan, Thailand, the Philippines and South Korea.

The Economist Intelligence Unit (EIU) forecasts that by 2020 China will become the world’s second largest economy and Chinese population’s purchasing power will basically catch up with that of the United States.

HSBC experts echo the EIU opinion, albeit with an important reservation – The yuan is set to become a major world currency quite soon. However, it doesn’t mean that the yuan will replace the US dollar as a dominant reserve currency. Instead, it will help to create a more comprehensive system of reserve currencies, with the dollar, the euro and the yuan playing their respective part.

Pundits from the Peterson Institute for International Economics (Washington, USA), one of the most renowned think tanks focused on international economics, say that the yuan would need 10 to 15 years to turn into a full-fledged reserve currency alongside the US dollar. Towards this end, China has to carry out a number of reforms and first of all open up the foreign and finance sectors of its economy.

Standard Chartered finance gurus differ on this and believe that by 2020 China won’t just catch up with the US economy but overtake it.

NordFX leading analyst John Gordon weighs in, “With this said, the key question is whether China’s government would want to deal with all the issues pertaining to turning the yuan into a global currency. On the one hand, China is obviously interested in becoming less dependent on the dollar but, on the other hand, it can be achieved only by loosening restrictions on its foreign exchange and capital markets at the very least. The fixed exchange rate shields the yuan from external speculative attacks. What will happen if this protection goes down and the yuan trades freely? Would China really want to see this rather risky process through?”

It’s no secret that from the very start of his first presidential term Barack Obama tried to put pressure on the Chinese government to quit devaluing the yuan rate artificially. But if the yuan is traded freely, Chinese products will get much more expensive, which, in turn, will hurt their competitiveness abroad and substantially change China’s export-orientated economy. Will Chinese leadership venture on this path?

“At NordFX, we closely watch everything related to financial markets, – continues John Gordon. – Judging by the latest rhetoric, Chinese authorities sound very decisive. It would suffice to recall that Yi Gang, Director of the State Administration of Foreign Exchange and Deputy Governor of the People's Bank of China, announced that China had already started talks with the IMF about including the yuan into the global reserve currency basket in the near future.”

According to this high-ranking official, the yuan meets all IMF requirements at this time. Hence, it appears that the issue has to do more with politics rather than economy.

As far as the Forex market is concerned, the main factor here is exchange rate fluctuations. Debating a five-year investment horizon for the yuan, many analysts predict it would rise by 15-17 percent. However, Yi Gang’s interview with Bloomberg in Beijing highlights two important things. First and undeniable is that the Chinese currency has been very stable over the last few years, and the other and thought-provoking is the assurance that the yuan will remain as stable in the future.

What’s also noteworthy is three main directions of China’s policy singled out in a Financial Times article:
- China tends to purchase fewer US Treasurys;
- China broadens its overseas expansion program;
- promotion of the yuan as a global currency is encouraged as it gradually sets China free from the dollar.

The Financial Times article seems to imply that the era of boundless privileges for the USA as the emitter of the main global currency is coming to an end. It is going to be replaced by a dual currency world – the US dollar and the yuan. However, due to the fact the yuan exchange rate was, is and will be fixed by the Chinese government for a while, the profitability of long-term yuan investments is rather questionable. Nonetheless, considering limited and controlled volatility, short-term speculations may actually appeal to traders.

**Julia NordFX** · 07-06-2015, 10:15 AM

Generalized Forex Forecast for 6-10 July 2015
First, a few words about last week’s forecast:
- the predictions for EUR/USD turned out to be correct – a further sideways trend with an advantage for the bears that were expected to push the pair down to the 1.1035 support level. Even a formidable gap over the weekend didn’t get in the way. After the gap, the pair quickly recovered its initial standing and started to follow the forecast – it descended to a 1.1032 support level under bearish pressure and then, confirming the prediction about the sideways trend, slowly continued upward to month old rates;
- as for GBP/USD, the analysts put their foot into it this time. For the first half of the week, as predicted, the pair tried to stay in the sideways corridor but then rushed downwards, finishing at a strong support level around 1.5550;
- the experts and the indicators agreed that the bulls would have the upper hand with USD/JPY and would push it upwards. It would have happened but for the gap on the weekend. In fact, the bulls had to clear up the consequences of that fall and succeeded, for the record. Already by mid-week, the pair returned to the sideways corridor it had stayed in since the beginning of June;
- USD/CHF finished the week exactly at the predicted level of 0.9400, albeit with some delay.

Forecast for the upcoming week.
One can be certain that this week the results of the Greek referendum would have the final say on currency fluctuations. For this reason, it would stand to reason to focus on the opinions of analysts from world leading banks and broker companies rather than indicator readings this time round:
- 64% of the reviewed experts don’t foresee a bright future for the euro. They believe that EUR/USD should fall by 100-200 points at least. Only 18% of the analysts claim that the euro would rise to 1.1250. Interestingly enough, they include an expert from Greece. But even his short-term optimism is overshadowed by the long-term forecast that that by the end of the summer the pair should get to a 1.0500-1.0700 level;
- the opinions of the analysts about GBP/USD have split almost equally – 44% argue for its fall, 44% for its rise and 12% remain undecided. According to graphical analysis, the pair should descend to 1.5430-1.5500 by the middle of the week and then return to the 1.5550-1.5616 range;
- the experts, the technical indicators and graphical analysis stay unanimous that the Pivot Point for USD/JPY should be at 124.00, meaning that the pair is on the threshold of an upward leap to 125.00. Support can be at 122.00;
- the USD/CHF pair is expected to continue to fall but this time to 0.9330 and possibly even lower to 0.9280.

In conclusion, it’s worth mentioning again that the accuracy of this forecast largely depends on a rather small country called Greece. Therefore, it would make sense to not only wait for the referendum outcome but also for ensuing reactions on financial markets.

Roman Butko, NordFX

**Julia NordFX** · 07-12-2015, 07:29 PM

Generalized Forex Forecast for 13-17 July 2015

Let’s start with a review of last week’s forecast:
- regarding EUR/USD, 64% of the analysts expected the pair to fall by at least 100-200 points while 18% of the analysts claimed that the euro would rise to 1.1250. Following the news from Greece, both forecasts were fulfilled – the week started with a gap of 140 points, on Tuesday the drop made the mentioned 200 points, then the pair started to go up and reached 1.1215 by the end of the week;
- the predictions for GBP/USD were also correct. According to graphical analysis, the pair was supposed to go down to 1.5430-1.5500 mid-week and then return to the 1.5550-1.5616 marks. All of that happened indeed – GBP/USD descended to 1.5430 on Tuesday, reached its low of 1.5330 on Wednesday and then soared up to 1.5555;
- the experts, the technical indicators and the graphical analysis readings were only partly right about USD/JPY. Their forecast about the 122.00 support level held up for the first half of the week, after which the pair had a dive to 120.45. Then it made a U-turn, rushed upwards and ended up at the level of the beginning of the week, i.e. 122.75;
- the USD/CHF pair was expected to fall to 0.9330, and it did happen. After putting up resistance for a while, the pair crashed down at the end of the week. It was able to stay at the 0.9330 target jusе for one minute.

Forecast for this week. Summing up the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based various methods of technical and graphical analysis, the following can be suggested:
- just like last week, fluctuations on the currency market will largely depend on the events in Greece. At the same time, most experts (62%) and indicators (53%) predict that the EUR/USD pair will rise and move to around 1.1365. Graphical analysis, in turn, indicates a possible sideways trend with support at 1.1000 and resistance at 1.1215;
- as for GBP/USD, the opinions of the analysts (54% vs 46%) and indicator readings (H4 for a rise, D1 for a fall) diverge. Graphical analysis promises a repeat of last week’s scenario – the pair falling to around 1.5350 and then rising to resistance at 1.5555. In case of a breakthrough, the target will be 1.5930;
- the experts, the technical indicators and graphical analysis are unanimous about USD/JPY returning to around 123.50. However, at the start of the week, a short-term fall to the support level of 122.00 can’t be ruled out;
- the opinions about USD/CHF are split, though the majority of the analysts (64%) believe that last Friday’s finishing level of 0.9380 will become the main resistance, off which the pair will be bouncing down towards 0.9330 or even lower to 0.9250. Graphical analysis, however, puts forward an alternative scenario with 0.9380 as support. The start of week is likely to reveal which of the two scenarios will actually play out.

Roman Butko, NordFX

**Julia NordFX** · 07-19-2015, 04:35 PM

Generalized Forex Forecast for 20-24 July 2015

The accuracy of last week’s forecast was significantly influenced by statistical reports and speeches by high-ranking officials, with the following outcomes:
- the support level for EUR/USD was set at 1.1000, and the pair tried to break through it for the first half of the week. It eventually happened on seemingly less important news from the USA, and by Friday the pair reached last May’s low;
- GBP/USD was expected to fall to around 1.5350, then rise and possibly break through the resistance level of 1.5555. The pair did fall, although not as much as predicted – to 1.5450. After that, following the speech by the head of the Bank of England, GBP/USD soared, broke through 1.5555 and turned this level into support;
- the forecast for USD/JPY can be considered 100% accurate. As put forward, the pair went down to the support level of 122.00 for a short while and then moved into the earlier mentioned zone with the Pivot Point at 123.50;
- there were two alternative scenarios for USD/CHF’s direction, and the start of the week was supposed to show which of them would play out. That was the case – it was clear already on Monday that the pair would follow the indications of graphical analysis and go up, making 0.9380 its initial support level.

Forecast for the coming week. Generalizing the opinions of 35 analysts from leading banks and broker companies, as well as forecasts based on a wide variety of technical and graphical analysis, the following can be said:
- the EUR/USD pair appears to be in a unique situation – 100% of the experts predict its rise and 100% of the indicators predict its fall. However, both suggest only minor fluctuations, which seems to be due to the lack of any major news in the upcoming week. Support is likely to be at 1.0750-1.0800 while resistance – at 1.1110. Graphical analysis confirms this, showing a sideways trend with some advantage for the bulls;
- GBP/USD is also expected to be in a sideways trend with the Pivot Point at 1.5615, support around 1.5550 and resistance at 1.5760. All of the experts and an ascending corridor, clearly visible on Н4, suggest that the pair should reach this level within the first half of the week. According to graphical analysis on H1, there may be a short-term drop to the support level before the pair rises;
- last week USD/JPY reached its 2007 high. Both experts and indicators are of the opinion that, with support at 123.75, the pair will continue to move upwards to 126.00 for some time. The next support level will be at 123.00;
- the USD/CHF pair is widely believed to continue to rise to 0.9600 and further to 0.9700. This week the main support will be around 0.9520.

Roman Butko, NordFX

**Julia NordFX** · 07-27-2015, 06:45 AM

Generalized Forex Forecast for 27-31 July 2015

First, a few words about the forecast for the previous week:
- the EUR/USD pair was predicted to be in a sideways trend with bulls prevailing and to move from support at 1.0750-1.0800 to resistance at 1.1110, which actually happened. Despite the pair being just short of the top boundary of the designated corridor, the forecast stood overall;
- the GBP/USD pair somewhat disappointed the analysts. The forecast was a sideways trend with support at 1.5555, which the pair tried to break during the first half of the week. On Thursday, it finally managed to do that and, as a result, fell to its 2-weeks old support around 1.5470;
- as predicted, USD/JPY tried to continue its rise at the beginning of the week but, with the bullish influence weakened, the pair entered a sideways trend, moving in a very narrow corridor and relying on support at 123.75;
- the lack of news last week affected the USD/CHF pair – it was unable to reach the desired height of 0.9700 and on Thursday fell to the expected level of support around of 0.9520, rebounded off it and returned to the rates of the start of the week.

Forecast for the coming week.
Summing up the opinions of 35 analysts from world leading banks and broker companies, as well as forecasts based on different methods of technical and graphical analysis, the following can be said:
- a look at the H4 chart for EUR/USD would make it clear that the technical indicators will vote for the pair’s further rise. However, on D1 the picture is different – only 52% of the indicators echo this, while 48% hold the opposite view. Furthermore, 85% of the experts also vote for the pair’s fall, with the target as a drop to at least of 1.0850 or even further to 1.0800. Graphical analysis predicts a sideways trend in the range of 1.0900-1.1015 in the first half of the week and a rise to 1.1115 in case the resistance level gets broken through;
- according to 80% of the analysts, GBP/USD is likely to fall further and transition to 1.5335-1.5450, with 75% of the indicators supporting human reasoning. However, graphical analysis shows that the pair will fall only to 1.5400, after which it will continue to move up in an ascending corridor visible on D1;
- the analysts believe that USD/JPY won’t abandon its attempts to go up to at least 125.00. Both technical and graphical analysis readings agree with this general trend. Support will be around 123.65, with the next level at 122.50;
- as for the USD/CHF pair, 65% of the analysts expect it to rise to 0.9700. The indicators also confirm that the pair will try to finish what it failed to do last week. Graphical analysis on D1 paints this picture – first, a fall to support at 0.9520, followed by a rise to the target height of 0.9700, and then… a crash to a 0.9325 support level. The H1 and H4 timeframes spell such a crash much sooner.

Roman Butko, NordFX

**Julia NordFX** · 08-09-2015, 01:40 PM

Forex Forecast for 10-14 August 2015

First, a few words about the forecast for the previous week:
- the predictions for EUR/USD panned out. According to the forecast, the pair was to maintain a sideways trend, oscillating around the 1.0970 Pivot Point. Support was set around 1.0820. Throughout the week, the bears repeatedly pressed the pair down to that level but gave up after a few failed attempts to break through it. So the pair finished the week at a 1.0960-1.0970 Pivot Point;
- the sideways trend predicted for GBP/USD lasted only until Thursday. By the end of the week, the pair managed to break through the support around 1.5510-1.5520 and fell briefly, hitting the bottom at 1.5425;
- the indicators and 11% of the experts were correct about USD/JPY. The former predicted that the pair would start going up right away on Monday while the latter claimed that the pair would reach 125.00 as a result of such movement. Then, according to graphical analysis, the pair was supposed to crash sharply, and it did on Friday on the news from the USA, reaching a strong support level at 124.15;
- almost all the indicators predicted that USD/CHF would rise to around 0.9730-0.9750, and the pair not only made it to that level but actually surpassed it by 100 points.

Forecast for the upcoming week.
Summarizing the opinions of 35 analysts from the world leading banks and broker companies as well as forecasts based on a large variety of methods of technical and graphical analysis, the following can be said:
- regarding EUR/USD, 36% of the experts believe that the pair will drop to 1.0800 while another 45% say that the pair will break this barrier and go further down to 1.0650-1.0700 support. The indicators on D1 concur. The remaining 19% of the experts and the indicators on H4 insist on a further short-term upward trend to 1.1000-1.1050, after which the direction of the pair’s movement should change;
- most analysts and the indicators predict that GBP/USD will fall further and transition into a 1.5340-1.5400 zone. At the same time, while in agreement with this, graphical analysis elaborates that before falling, GBP/USD will stay in a 1.5460-1.5540 sideways corridor for some time and try to break through resistance in order to reach 1.5800. Even if it happens, the bulls shouldn’t celebrate as the pair will go down sharply in 2-3 days anyway;
- the USD/JPY pair is very likely to try to reach its June high and even surpass it slightly by reaching 126.00. After this, according to graphical analysis, the pair will be moving sideways within a 124.15-125.80 range and step up efforts to go down to a 122.50 support level;
- the experts, the indicators and graphical analysis agree that USD/CHF will enter a sideways trend with a 0.9840 Pivot Point. The bulls, on the other hand, will not cease their attempts to reach a 1.0000 hallmark, even though the main resistance level for this week will be 0.9900. Support will be at 0.9800 and 0.9710.

Roman Butko, NordFX

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