Dear colleagues,
Generalizing in a table the opinions of 35 analysts from world leading banks and broker companies and forecasts based on different methods of technical analysis, the following can be concluded:
- for 3-7 November, EUR/USD can be expected to move sideways with a downward slide to 1.2470-1.2480;
- approximately the same can be said about the GBP/USD pair – the levels of support will be 1.5940 and 1.5880;
- after an impressive growth last Friday, USD/JPY is likely to experience a break in its sideways trend;
- USD/CHF will also be in a sideways trend, although in the medium term the pair may rise to the level of 0.9703.
As for last week’s forecast:
- The forecast for EUR/USD showed a sideways trend with a fall and a rise of 50% by 50%. This is what actually happened – for the first half of the week the pair fell and for the second half it went up.
- The forecast for GBP/USD was confirmed 100% – the pair showed a black weekly candle, having fallen from 1.6083 to 1.5940.
- The dollar displayed steady growth against the Japanese yen and so fully justified the forecast.
- Finally, a sideways trend with a slight growth was predicted for USD/CHF, which is what happened.
Roman Butko, NordFX
