Forex forecast for 5 October 2017.
The pair continues to recover after testing the support level in the area of 1.1700 at the beginning of the week, but it does not make it too convincing. Traders are not in a hurry to buy the euro, they are now more concerned about the ECB’s policy.
Today we are waiting for the speech by Benoît Cœuré, Member of the Executive Board of the ECB. In addition, the regulator will publish the minutes of the last meeting. If the expectations are met, the euro can develop an upward correction and even return to a range above 1.18.
Now the pair is consolidating near the opening level, in the middle of the range 1.18-1.17 without a clear dynamics.
Forex forecast for 4 October 2017.
The pair was unable to break through the 1.1700 and went into the middle of the range 1.17-1.18.
Since the beginning of the day, the pair has strengthened by 0.21% and reached a session high in the area of 1.1778, while the local resistance is fixed at the 1.1780.
Now the pair is consolidating around the 1.1760-70. In order to develop an upward correction the euro needs to overcome this resistance and the level of 1.1830.
Forex forecast for 2 October 2017.
The pair lost 0.44% today and now is trading at 1.1765.
Local support is at the level of 1.1730, behind it — 1.1700 and the August low in the area of 1.1662. The break below will possibly mean the beginning of a deep correction in the area 1.14.
To stop this destructive trend, we need at least a fall of the dollar across the whole market and comments of ECB members regarding QE cutback. This week we will hear many speaches of representatives of the ECB, perhaps they will say something important.
Forex forecast for 11 September 2017.
EUR/USD reached the level of 1.21 on Friday and today moved down to the area of 1.2015 and can test the resistance of 1.20.
USD/JPY returned to the range above the level of 108.00 and tested a maximum in the area of 108.54 at the beginning of the day.
USD/CHF came close to the resistance of 0.95 after the falling to the lows at 0.9421 on Friday. This dynamics look like a nice correction, which can end very quickly.
Forex forecast for 7 September 2017.
Yesterday the pair tested the level of 1.2135 (minimum since June 2015), although till the end of the day the pair reached about 100 pips and finished the day above 1.22.
Now USD/CAD is consolidating in the range and may continue to fall. However, this will require additional incentives, for example, rising oil prices or positive statistics on the Canadian economy.
Technically, the daily close below 1.22 will strengthen the position of the bears, however, for a real falling, the pair needs to move below 1.2130/00.
Forex forecast for 6 September 2017.
Yesterday the pair closed at the level of 108.80 — it is the minimum of the end of April 2017. The pair tested the level of 108.49 today.
Any events at the European session today, so the dynamics of the pair will be determined by a subjective perception.