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Generalized Forex Forecast for 30 March – 3 April 2015

NordFX NordFX
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Generalizing the opinions of 35 analysts from world leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, we have to mention that, according to the “open hands” symbol in the table, more than a third of the analysts are at a loss. However, the remaining experts are much more unanimous in their predictions than before:
– the forecast for EURUSD remains the same – downwards trying to reach 1.0000 at least by the end of April. This week the pair may fall to around 1.0600-1.0750 where it will stabilize for some time;
– almost the same can be expected from the British Pound – most analysts predict GBPUSD would fall to 1.4700;
– as for USD/JPY, the forecasts of the analysts and of the indicators are contradictory. Yet, the pair is very likely to be in a bullish trend and try to conquer 120.50;
– just like last week, the USDCHF chart may resemble that one of USD/JPY. In any case, all analysts expect USDCHF to return to 1.0000. However, the forecast for this week is a bit more modest – a rise to 0.9750 or somewhat higher to 0.9800.

As for last week’s forecast:
– when predicting EUR/USD’s behaviour, we didn’t rule out a further short-term upward trend to around 1.0915-1.1040, after which everything was supposed to get back to normal. As expected, the pair quickly went up to 1.1030, entered a sideways trend, remaining strictly in the set bounds, and then predictably returned to the level of the beginning of the week;
– the forecast for GBPUSD was also confirmed – the pair stayed in the sideways corridor under bearish influence all week long;
– the predicted fall of USDJPY got prolonged, and the pair started to recover its losses only last Thursday managing to rise just to the average level of February by the end of the week;
– a rare event occurred with the USDCHF weekly chart basically repeating the USDJPY chart, which overall matches the first scenario we suggested – at first the pair moves strictly downwards and then strictly upwards. With this, the upward movement doesn’t look too convincing so far and needs to be upheld this week.

Roman Butko, NordFX

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