Topic: Weekly FX forecast from NordFX

Generalized Forex Forecast for 16-20 February 2015

Generalizing the opinions of 35 analysts from world leading banks and broker companies plus forecasts based on different methods of technical and graphical analysis, I’d like to point out that green and black colours prevail in the table this week. This means that all the pairs are expected to be in a sideways trend with an aspiration to move upwards:
- EUR/USD is very likely to carry on with its drive to reach the 1.1550 mark. Nevertheless, there’s a chance that in the first couple of days the pair will go down to  1.1340, bounce off it and then move upwards; 
- the GBP/USD pair can be expected to fall to the level of 1.5300-1.5340 and then rebound to 1.5550;
- the USD/JPY pair’s strong support is 118.40. After bouncing off it, the pair may charge up to around 121.00. However, this may not happen immediately but only in the last ten days of February;
- the forecast for USD/CHF remains as before – a further sideways trend with prevailing bullish tendencies, the nearest target being 0.9400. Bear mind though that in the medium term the pair may break through support at the level of 0.9200 and sharply go down to around 0.9000 where it was at the end of January.

Last week’s forecast was confirmed almost 100%:
- it was predicted that EUR/USD would be in a sideways trend with fluctuations around 1.1325, followed by a rise and a move towards 1.1550. The pair did just that – it finished the sideways trend on Friday and shot upwards. However, the level that the pair reached turned out to be a bit more modest – 1.1443;
- a similar scenario was suggested for the GBP/USD pair. The forecast was fully confirmed, and by the end of the week, the pair reached the target at the level of 1.5400;
- the USD/JPY pair also fully complied with our predictions. It got to 120.00 by the middle of the week and rolled down by 200 points;
- no surprises with the USD/CHF pair either – as predicted, it was in a sideways trend all week long, with prevailing bullish tendencies under whose influence the pair regained 100 points. 

Roman Butko, NordFX