Firstly, a few words about the forecast for the previous week:
- For the EUR/USD pair, most experts predicted a downwards trajectory, and only 19% of them spoke about a continuation of the upward trend. Reality showed us that the majority opinion is not always true - on Monday, the pair initiated a sharp ascent, breaking through the resistance at 1.1050 without any undue hesitation, before settling down at the July peak of 1.1210;
- The situation with GBP/USD was almost identical – graphical analysis gave the only prediction that was reasonably close to the truth, predicting, contrary to the opinion of analysts, a sideways trend with support at 1.5460 and an intention to break through the resistance at 1.5540. This eventually happened, and this resistance level became a support level;
- USD/JPY, as expected, brazenly attempted to reach the June high, but only managed to conquer the height of 125.25. Then, in full compliance with the predictions of graphical analysis, descended abruptly and started moving in a sideways trend with support in the 124.15 zone;
- Talking about the forecast for the pair USD/CHF, we can, on the whole, consider it fulfilled. We predicted a sideways trend with a Pivot Point at 0.9840, resistance at 0.9900 and support 0.9800. The pair spent the entire first half of the week moving inside this exact corridor, after which it dropped to the second support zone of 0.9710 and continued a sideways trajectory.
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The forecast for the upcoming week:
Generalizing the opinions of 35 analysts from the world’s leading banks and brokerage firms, as well as forecasts that are based on the largest possible variety of technical and graphical analysis, the following can be said:
- Regarding the future of EUR/USD, 23% of experts talk about a continuation of the upward trend with a target of 1.1280, which is supported by 56% of indicators. 23% of analysts believe that the pair should descend, whilst 46% indicate a sideways trend with a Pivot Point at 1.1110. At the same time, both the indicators and graphical analysis point to a possible descent of the pair at the beginning of the week to a support level at 1.1035. The next support will be in the 1.0960 zone;
- For the GBP/USD pair, most analysts predict a fall to the 1.5550 level. At the same time, indicators and graphical analysis suggest that the pair should first reach a height of 1.5690. The inclined line of support for such an ascent is clearly visible on the H1 and H4 graphs. As for the graphical analysis on D1, it indicates that within the next two weeks, the pair will make a few attempts to break the support at 1.5550, and, if successful, will fall to the 1.5200 level. After that, there will be a rebound to 1.5650;
- In the projections regarding USD/JPY, we can observe an almost absolute consensus: a sideways trajectory in the 123.75 ÷ 125.30 corridor with a Pivot Point at 124.60. At the same time, graphical analysis on D1 indicates that one of the pair’s attempts to reach a height of 126.00 pair may be successful. This should happen at the very end of August;
- With regards to the future of USD/CHF, we will most probably see a continuation of the upwards trend which had been initiated in late June. This ascending corridor is best visible on H4. The pair is currently located practically at its lower boundary of 0.9710, off which we can expect it to bounce towards 0.9900. After that, we can expect the pair to move into a sideways trend with support in the 0.9500 area, as was the case between March-April of the current year.
