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Generalized Forex Forecast for 10-14 November 2014

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Generalizing in a table the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based on different methods of technical analysis, the following can be concluded:

– for 10-14 November, the most probable movement of the EURUSD pair is downwards to the level of 1.2300-1.2340 while a temporary rise to 1.2510-1.2540 is not excluded;
– approximately the same can be said about the GBPUSD pair, the main trend being a fall to the level of 1.5760 and the strongest level of resistance for this pair being 1.6000;
– for USDJPY analysts predict a sideways trend, while technical analysis indicators for the most part predict further strengthening of the dollar. Most probably last week’s scenario will be repeated – a small growth against the background of sideways movement;
USDCHF will carry on striving to rise above the key level of 0.9700.

As for the forecast made for the past week:
– the forecast for EURUSD showed a fall to the level of 1.2470, which is what happened, although the fall proved to be more rapid – the pair finished at 1.2454;
– the black candle for GBPUSD was also confirmed, and the pair ended the week at 1.5872, close to the predicted support level;
– for the USDJPY pair sideways movement with a definite rise was predicted but in reality the dollar got strengthened more than expected;
– and finally, USDCHF fully confirmed the forecast, having held a sideways trend all week, albeit with relatively high volatility for this pair.

Roman Butko
NordFX

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