Generalized Forex Forecast for 2-6 March 2015
Generalizing the opinions of 35 analysts from world leading banks and broker companies and forecasts based on various methods of technical and graphical analysis, it can be noted that this week, just like last week, the sideways trend will be dominating for all four pairs :
- the corridor of 1.1170-1.1310 is most probable for the EUR/USD pair, although technical analysis indications are still contradictory. A number indicators point to bearish trends while some others show the opposite – the pair’s upward drive to 1.1450-1.1500;
- the GBP/USD pair is predicted to fall to the level of 1.5000 and then further to 1.4810 during March. Short-term, the pair may rise and make another attempt to break through the strong level of support around 1.5550;
- this week the target for USD/JPY remains the same – 120.50. Strong support is around 118.50, the second support being 117.50;
- the plan for USD/CHF is as follows: getting up to 0.9735 step by step, then a sharp rebound downwards to around 0.9375 and further to 0.9280. However, the realisation of this scenario may stretch out over several weeks.
As for last week’s forecast :
- as predicted, in the first half of the week, EUR/USD stayed in a sideways trend. Then on Thursday, on the news from the USA, it fell sharply and so didn’t meet the expectations of many analysts (including ours);
- GBP/USD was also expected to move sideways in the range of 1.5340-1.5500. By mid-week, the pair tried to break through the top boundary, reached 1.5550 but the very same news from the USA quickly returned it to the centre of the corridor specified by us;
- according to our “plan,” USD/JPY was supposed stay in a sideways trend all week long, demonstrating a consistent drive to reach 120.50, which happened, except that the target turned out to be even more modest – 119.80;
- finally the USD/CHF pair. The forecast of its attempts to reach the 0.9555 mark was confirmed 100%.
Roman Butko, NordFX