August 3, 2022
  • August 3, 2022

Weekly Forex Forecasts

By on May 2, 2021 0

Start the week of May 3, 2021 with our Forex forecasts focused on major currency pairs here.

GBP / USD

The British pound initially rebounded during the week, but returned gains again to form a shooting star for the second week in a row. I suspect we will likely pull back this week, hitting the support level near 1.3670 below. Also, even though we fall below it, I think the 1.35 level is massive support as well. I think in the short term we will have a pullback, but in the long term the US dollar will continue to struggle. The UK pound is essentially a bullish flag if you squint your eyes.

GBP / JPY

The British pound also rallied against the Japanese yen and closed higher than the week before. We continue to see a lot of noise above, though, so I think what we’re looking at here is the likelihood of more lateral rectification than anything else this week, but I’m still in favor of the upside as we had saw such a massive shot. higher. If we fall below the ¥ 148.50 level, we may need to “reset” down near the ¥ 145 level to continue the move higher. More likely than not, however, we’re likely to have a lot of side-to-side back-and-forth over the next week or so.

GBP / JPY weekly chart

EUR / USD

The euro initially rebounded during the week, but also dropped its gains late to form a very negative candlestick. Having said that, it is very likely that we should see some kind of support near the 1.20 level, so I think we will eventually see the buyers come back to this market. Keep in mind that Friday was the end of the month, so the wicked Friday candlestick could be attributed in part to squaring the position. In other words, people took profits so that they could report the gains to customers at the end of the month. I don’t necessarily think it will be easy to go higher, just that the market still has that propensity.

EUR / USD weekly chart

USD / CHF

The US dollar has exploded against the Swiss franc over the latter part of the week, but it should be noted that just above current levels there are quite a few sellers so I think this is only It’s a matter of time before we see some type of selling pressure entering the fray. I suspect we might have a bit of positivity to start with and then some new sales. However, if we were to cross the 0.92 mark, it could send the US dollar much higher.

USD / CHF weekly chart