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Currency Rates Forecast – Analysis of Forex Trends

currency rates forecast
Forex Trends – Currency Rates Forecast: week 8/12/12 – 8/17/12

Currency rates forecast (weekly) – an overview of the forex trends for the past week with likely developments for the next week.

EUR/USD: The uptrend is not very strong.

At this point analysis of technical indicators shows that the pair is in uptrend but the uptrend is not very strong. Signs of a mild uptrend can be seen presently on short- and long-frame charts. The pair lost about 200 pips during 4-day period from Tuesday to Friday. It retracted a bit from the low of 1.2240.

The “bigger picture” is mildly bullish at this time. Again, the indicators suggest that the uptrend is here but without much steam. At this point analysis does not show a likely incoming significant dip. But a modest dip is always a possibility. So it is better to cover your position. Learn here how to hedge your forex spot position.

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Possibility of unstable volatility is significant for the next couple days.

Range between 1.2400 and 1.2250 is likely for this week – oversold condition below 1.2250 and overbought above 1.2400.

Common indicators should be fairly accurate in pointing to the direction of the price on the hourly or shorter charts.

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GBP/USD: A rally in Downtrend.
The pair gained about 120 pips last Friday when this rally started. It retracted a little off its 1.5697 high. Analysis shows that this rally may continue for a bit. The price may rise above 1.5700 prior to heading back south. It can hang in the vicinity of 1.5700 for a little. Volatility will likely to remain unstable in the next couple days. Range between 1.5600 and 1.5750 is likely for this week. The longer technical picture is bearish and the downtrend is not very strong at this time.

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USD/CHF: Downtrend is not very strong.
The pair gained about 150 pips during 4-day period from Tuesday to Friday. Analysis of technical indicators points to a mild downtrend on both short- and long-frame charts and that the price will likely continue to fall. The price might hang around in the vicinity of 0.9750 prior to heading lower. Downtrend is not very strong at this time. For the next week the price will likely stay within 0.9650 – 0.9800 range, and unlikely to deviate very far from these levels. The longer outlook is bearish at this time.

USD/CAD: Downtrend.
Analysis of technical indicators shows the pair is in downtrend. It also shows that this downtrend is not very strong at this time. It is close to being oversold on the longer frame so the chances are the price will try to stage a modest rally. It likely will stay within 0.9950 – 0.9850 for the next week. The longer outlook is mildly bearish at this time.


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Currency Rates Forecast – Analysis of Forex Trends

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