Generalising the opinions of 35 analysts from world leading banks and broker companies collected in a table as well as forecasts based on different methods of technical and graphical analysis, the following can be predicted:
- that the EUR/USD pair can expect fluctuations around the level of 1.1325 this week, while in the beginning of the week a fall to the level of 1.1185÷1.1200 is possible and then growth and movement to the 1.1550 mark;
- something similar is possible for the GBP/USD pair. The pair will be aiming to secure itself in the area of 1.5200, but at the start of the week a short-term fall to the 1.5015 mark is not excluded, with consequent growth and transition to the area of 1.5200÷1.5400;
- regarding the USD/JPY pair, it can be predicted with high probability that, having achieved the height of 119.00, the pair will strive towards the next target of 120.00, after which a rollback to the support level of 117.00 will follow;
- and for the USD/CHF pair we can predict a continuation of the sideways trend with the prevailing of “bullish” trends and the desire to win back the losses of “Black Thursday”. The closest target here is located at the level of 0.9400.
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As for last week’s forecast:
- one can say that the EUR/USD pair almost fully met our expectations. Let us recall that the opinions of the analysts were split almost evenly then - a third for the growth of the pair, a third for its fall and a third for a sideways trend, and, if you look at the graph, you can see that the whole week the pair was either growing or falling, as a result finishing at the same level as it had started;
- the GBP/USD pair began to quickly succumb to the predicted pressure from the “bears” at the start of the week, but then the “bulls” gathered their forces and threw the pair up high, as a result of which it broke through the key level of this year - 1.5200;
- the forecast for the USD/JPY pair was confirmed by 100% - at first it was a sideways trend, and then a sharp jerk upwards on Friday, as a result of which the pair reached the coveted mark of 119.00, basing on the news from the USA;
- as for the USD/CHF pair, there were no surprises here either - as predicted, it reached the level of last September, after which it took a break by going into a sideways trend.
Roman Butko, NordFX & Sergey Ershov
