![Forex Forecast for EURUSD, GBPUSD, USDJPY, and USDCHF for 13 - 17 March 2017 Forex Forecast for EURUSD, GBPUSD, USDJPY, and USDCHF for 13 - 17 March 2017](https://c.mql5.com/6/768/splash-690065.jpg)
Forex Forecast for EURUSD, GBPUSD, USDJPY, and USDCHF for 13 - 17 March 2017
![Sergey Ershov Sergey Ershov](https://c.mql5.com/avatar/2015/1/54AD3C1D-069C.jpg)
First, a review of last week’s forecast:
- Even though the ECB decided to leave the interest rate unaltered and the number of new jobs outside the agricultural sector in the United States remained virtually unchanged (235K vs. 238K), the bulls still managed to push EUR/USD to the goal that had been set by a quarter of analysts and graphical analysis on H4. Recall that 1.0680 was named as a target. The pair reached it just 3 hours before the end of the week’s session, and then finished the five-day period at the level of 1.0675;
- The forecast for GBP/USD has come true with an accuracy of 100%. About 80% of the analysts and the same amount of trend indicators and oscillators sided with the bears last week. They were right in suggesting that the pair would definitely fall to the 1.2100-1.2145 area, where it turned out to be on Wednesday, 8 March, and where it spent the rest of the week with a support level at 1.2140;
- USD/JPY. Here most analysts and technical analysis predicted the pair would grow as it strove to reach the height of 116.00. As expected, the pair indeed rushed northwards. But, short of the cherished target by just 50 points, it turned around and finished at 114.75, which can be considered Pivot Point of the last four months and the top border of the side channel, in which the pair has remained for the last eight weeks;
- Regarding USD/CHF, the forecast for this pair was: "To the north and only northwards!". The pair did, starting from Monday, rush strictly upwards. However, it failed to complete the set task of breaking the resistance 1.0140 and then rise to 1.0210, having only reached the height of 1.0170. After that, the pair, following the example of EUR/USD, reversed the trend and, having turned to the south, fell to 1.0105.
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Forecast for the coming week:
Summarizing the views of a number of analysts from leading banks and brokerage firms, as well as the forecasts made on the basis of a wide variety of technical and graphical analysis methods, we can say the following:
- It is clear that, speaking of EUR/USD, the clear majority of indicators on H4 and D1 points to the growth of the pair. As for the larger timeframes, here the forecast changes: on W1it is neutral, and on MN strongly recommends to sell the pair. Furthermore, many oscillators on D1 show that the pair is overbought. A similar position is taken by about 85% of experts, supported by graphical analysis. According to their forecast, the pair must first descend to the level of 1.0600 and then even lower to the lows of February and March in the 1.0500-1.0520 zone. It should be noted, however, that on Wednesday, 15 March, a lot of important news from the USA is expected, which may affect the formation of the trend;
- It is difficult to give a forecast about the behaviour of GBP/USD for the coming week. Even though more than 90% of indicators point southwards, they are supported by only 40% of experts. The greater part of them, along with graphical analysis on H4, sides with the bulls, believing that the pair has reached a local bottom and now it is expected to rebound upwards to at least the 1.2250-1.2300 resistance area. The next resistance is at 1.2385, whilst the support is 1.1985. The following important events should be noted for this pair: the possibility of the Brexit procedure starting on Tuesday, 14 March and the decision of the Bank of England on interest rates on Thursday, 16 March. These will likely remain unchanged at 0.25%;
- Also the interest rate for the Japanese yen will be known on 16 March. In the meantime, analysts' opinions are divided exactly in halfway: 50% believe in pair's growth and 50% in its fall. Technical analysis, however, demonstrates rare unanimity: almost 100% of trend indicators, oscillators and graphical analysis expect the growth of USD/JPY. If their forecast is correct, starting from the support of 114.75, the pair still has to reach the height of 117.00-117.20. An alternative point of view suggests that the level of 114.75 is the upper border of the eight-week long side channel and the resistance that the pair will not be able to overcome. Thus, it will descend - first to the support 112.60 and then 100 points lower, reaching the bottom at the lower boundary of the channel;
- As for the last pair of our review, USD/CHF, 80% of analysts and trend indicators on D1 believe that the downwards rebound of the pair was temporary and that it will once again strive upwards to 1.0210. In the event that there is a break through the channel's lower border, the pair will likely fall to the 0.9966-1.0010 zone. However, in the medium term, it is still expected to grow: more than 70% of the experts name the 1.0330 highs of last December as the goal.
Roman Butko, NordFX & Sergey Ershov
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.