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Generalized Forex Forecast for 26-30 January 2015

NordFX NordFX
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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 and graphical analysis, the following can be expected:

– before returning to its main trend and continuing towards 1.1100, EURUSD may go up to the level of 1.1380-1.1460;
– GBP/USD, also under bearish pressure overall, may at first rise to 1.5065 and then continue its fall to 1.4900;
USDJPY is expected to mirror the movements of its counterparts – after a fall it will rebound from 113.50 and rush up to its nearest target of 119.00;
– after surviving the recent shock, USDCHF can be expected to continue its sideways trend with a rise to 0.8910-0.9000 and then a decrease to 0.8350.

As for the last week’s forecast:
– ECB President Mario Draghi met our expectations and helped our forecast for EURUSD to fulfil to the tee. After his speech, the Euro swiftly broke through 1.1400 and, as was predicted, finished the week near 1.1200;
– following the Euro, GBPUSD succumbed to Mr. Draghi’s charms which resulted in the level of 1.5020, predicted to be the lower boundary, reversing direction and becoming the upper boundary of the corridor;
– the forecast for USDJPY was confirmed 100% – the pair was in a sideways trend, then reached the predicted mark of 118.75 and returned to 117.70, the level of the beginning of the week;
– it turns out that no prediction can also be a prediction, which was backed up by the USDCHF pair. Along with the analysts, we refused to make any suggestions regarding its fluctuations last week. Apparently, in sync with our doubts, the pair decided not to leave the rigid boundaries of its sideways trend throughout the whole week.

Roman Butko, NordFX

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