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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 129927, member: 29894"] [B][COLOR=#336600](June 12-16) [/COLOR] EURUSD[/B] The trend for this week is neutral. This is considering the sideways movement in the pair last week, consolidating between 1.1200 and 1.1300, both of which are resistance lines. By the end of the week, the EURUSD finished below the resistance line at 1.1200. It is possible prices may fall down this week dropping down to the support lines located at 1.1150 and 1.1100. One major event which could affect prices this week is the US Fed decision which will be released on Wednesday. Traders are expecting the Fed to announce new changes to the interest rate despite the slow US economy. Key Levels: R1- 1.1264, R2-1.1333, R3- 1.1382. S1-1.1146, S2-1.1097, S3-1.1028 [B]USDJPY[/B] The pair dropped down for the first two days, managing to rise up by the end of the week. For this week the pair is expected to fall. It is possible for the pair to fall down this week to the demand level located at 109.50 even as far as down as 108.50 where there is another demand level. This week the pair would be very dependent on the political happenings in the U.S. The Comey testimony humiliated the Trump administration with the former FBI director calling Trump a liar. More scandals from the US would make traders lose appetite in the dollar rushing to the Japanese yen. Key Levels: R1- 111.05, R2-111.78, R3- 112.75. S1-109.35, S2-108.38, S3-107.65 [B]GBPUSD[/B] The previous week, GBP pairs experienced significant pullbacks. Following the drop of 200 pips which the GBPUSD faced, a bearish confirmation pattern has formed in the pair. Investors expect the pair to fall further this week. Traders will be looking at the Retail sales data which would be released from England. This would give traders an idea of consumer spending. Consumer spending confidence has been one of the major pillars sustaining the sterling since the shock vote by Britain to leave the EU. A lower reading could send fear across traders leading to a decline of the sterling. This loss for the Sterling would be compounded further by the inconclusive results of the UK election. Key Levels: R1- 1.2933, R2-1.3126, R3- 1.3276. S1-1.2590, S2-1.2440, S3-1.2247 [B]USDCHF[/B] Price last week stayed in the region bounded by the support level at 0.9600 and the resistance level located at 0.9700. By the end of the week, the USDCHF dropped down below 0.9700. Most major USD pairs are on a downtrend this week and would need a major pullback to revert the trend. One major event that would affect the pair is interest rates announcement that would be coming from the Swiss National Bank on Thursday. Although it is generally expected that the Swiss National Bank would maintain its negative deposit rate of -0.75%, any changes from the bank, will greatly affect the USDCHF. Key Levels: R1- 0.9742, R2-0.9791, R3- 0.9856. S1-0.9628, S2-0.9563, S3-0.951 [/QUOTE]
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