Forex Forecast for EURUSD, GBPUSD, USDJPY and USDCHF for May 29 - June 2, 2017
As for the forecast for the coming week, summarizing the opinions of analysts from a number of banks and broker companies, as well as forecasts made based on a variety of methods of technical and graphical analysis, we can say the following:
- If one were to draw a conclusion from conducting graphical analysis on H4, one would say that in the coming days EUR/USD expects a decline to the support at 1.1075; if it breaks though this support it would fall into the 1.1000 zone. The main resistance in this scenario would be in the 1.1270 zone. 60% of experts agree with this forecast, as do the overwhelming majority of trend indicators and oscillators on H4.
At the same time, it should be noted that on Friday the data on the US labor market (NFP) will be published: the forecasts of the NFP, a very important driving force for dollar movements, suggests a negative outlook for the US dollar. Perhaps this is why about 40% of analysts predict the growth of the pair to 1.1400, after which the pair is nevertheless expected to decline.
It should be noted that, in the medium term, the number of supporters of the EUR/USD decline exceeds 80%, just as it had been previously;
- As for the future of GBP/USD, here, quite naturally, a clear majority of indicators point southwards. However, almost 80% of experts believe that, in the near future, the pair will not fall below 1.2755 and will continue to move in the rising channel that has been prevailing since mid-March, in an attempt to break through the resistance at 1.3050. As for the medium-term forecast, almost 70% of analysts now stand on the side of the bears, saying that, in the end, the pair will return to the 1.2 400-1.2615 side channel;
- USD/JPY. When giving a forecast for the coming week, experts are divided into two precisely equal-sized groups: 50% predict the fall of the pair and 50% predict its growth. Graphical analysis, meanwhile, suggests the following scenario for H4: first, a fall of the pair into the 110.85-111.00 area, and then its subsequent growth to the resistance at 111.90; in the event this resistance is broken, the pair should reach 112.50. On D1, the expected movements of the pair differ somewhat: the drop is expected to be to 110.00, whilst the subsequent rebound is thought to be to the resistance at 112.25. As for the medium-term outlook, here the benchmarks remain unchanged: almost 80% of analysts cast their votes for the growth of the pair to 114.50;
- The last pair of our review is USD/CHF. Even now about half of the oscillators on H4 indicate this pair is overbought and recommend opening long positions. As for the rest of indicators, they have taken a neutral position, believing that the pair will stay in the sideways trend within the 0.9690-0.9775 range for a while. Almost 70% of experts agree with these latter readings, believing that the pair will definitely test the lower limit of this channel at least once more. Its subsequent fate, in the opinion of most analysts and graphical analysis on H4, is a return into the 0.9890-0.9965 zone.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#forex #forex_forecast #eurusd #signals_forex #binary_options
www.nordfx.com
As for the forecast for the coming week, summarizing the opinions of analysts from a number of banks and broker companies, as well as forecasts made based on a variety of methods of technical and graphical analysis, we can say the following:
- If one were to draw a conclusion from conducting graphical analysis on H4, one would say that in the coming days EUR/USD expects a decline to the support at 1.1075; if it breaks though this support it would fall into the 1.1000 zone. The main resistance in this scenario would be in the 1.1270 zone. 60% of experts agree with this forecast, as do the overwhelming majority of trend indicators and oscillators on H4.
At the same time, it should be noted that on Friday the data on the US labor market (NFP) will be published: the forecasts of the NFP, a very important driving force for dollar movements, suggests a negative outlook for the US dollar. Perhaps this is why about 40% of analysts predict the growth of the pair to 1.1400, after which the pair is nevertheless expected to decline.
It should be noted that, in the medium term, the number of supporters of the EUR/USD decline exceeds 80%, just as it had been previously;
- As for the future of GBP/USD, here, quite naturally, a clear majority of indicators point southwards. However, almost 80% of experts believe that, in the near future, the pair will not fall below 1.2755 and will continue to move in the rising channel that has been prevailing since mid-March, in an attempt to break through the resistance at 1.3050. As for the medium-term forecast, almost 70% of analysts now stand on the side of the bears, saying that, in the end, the pair will return to the 1.2 400-1.2615 side channel;
- USD/JPY. When giving a forecast for the coming week, experts are divided into two precisely equal-sized groups: 50% predict the fall of the pair and 50% predict its growth. Graphical analysis, meanwhile, suggests the following scenario for H4: first, a fall of the pair into the 110.85-111.00 area, and then its subsequent growth to the resistance at 111.90; in the event this resistance is broken, the pair should reach 112.50. On D1, the expected movements of the pair differ somewhat: the drop is expected to be to 110.00, whilst the subsequent rebound is thought to be to the resistance at 112.25. As for the medium-term outlook, here the benchmarks remain unchanged: almost 80% of analysts cast their votes for the growth of the pair to 114.50;
- The last pair of our review is USD/CHF. Even now about half of the oscillators on H4 indicate this pair is overbought and recommend opening long positions. As for the rest of indicators, they have taken a neutral position, believing that the pair will stay in the sideways trend within the 0.9690-0.9775 range for a while. Almost 70% of experts agree with these latter readings, believing that the pair will definitely test the lower limit of this channel at least once more. Its subsequent fate, in the opinion of most analysts and graphical analysis on H4, is a return into the 0.9890-0.9965 zone.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#forex #forex_forecast #eurusd #signals_forex #binary_options
www.nordfx.com
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