Forex Weekly Forecast & FX October 12-16

EUR/CHF

The euro against the Swiss franc continues to trade within a sideways range and practically coincides with the levels of the moving averages. The characteristic of the last week is that the trend has become even stronger and the indicators practically do not deviate from neutral values. Looking at the price chart, trading fears become even stronger, since almost every candle on the chart has long shadows in both directions. This is an indicator of uncertainty. Thus, it is better to refrain from trading, but if you want to trade, then a down trade is possible when the price fixes below the trend line, and an up trade is possible when it rises above 1.0800.

NZD/USD

The key level for this currency pair at the moment is the level of 0.6585. Last week we saw a situation when the market was near this level for a long time, after which an upward reversal took place. This reversal is also confirmed by indicators, primarily oscillators, which look in the direction of growth. In fact, this is the only trading signal that we can unambiguously interpret for practical use. It is dangerous and late to trade bullish, and a trade can only be opened after a downward correction to the designated level.

EUR/RUB

The euro slipped slightly against the Russian ruble last week and this downward movement provides ample food for thought in terms of graphical analysis. Globally, we continue to talk about the dominance of an uptrend, which is clearly traced and practically coincides with the level and moving averages. Locally, we can draw a downtrend line, which, when crossed with the main trend line, forms a wedge pattern. According to the basic postulates of technical analysis, we refuse to trade this currency pair until the figure is finally formed and is not broken by the market. In the future, you can trade in the direction of the breakout. Upward breakout is most likely.

AUD/CHF

The main movement for this currency pair continues to be carried out within the range of 0.6501 and 0.6585. Nevertheless, the trade takes place under the dominance of a downtrend. The current stage is close to correction, which can be clearly seen by indicators close to neutral values. In this regard, the most likely scenario for the development of events is a downward movement and you can trade down. An upward contract can be opened only if the market is able to break through the trend line, the 0.6585 level and the moving average level. This scenario is unlikely, but possible.

GBP/CAD

NZD/CHF

For the New Zealand dollar against the Swiss franc at the current stage of price development, the key level is 0.6037. The market tested this level from top to bottom twice in the previous week, and each time this led to a reverse movement. The indicators are looking up, and the price is very close to the indicated level. Thus, we can expect that the sideways dynamics remain strong, which means we can trade up, since we are at the lower border of the channel.

USD/CNH

The past trading week led to the highlighting of a very strong level 6.7451. The price of the dollar against the Chinese yuan dropped below this level and consolidated. Nevertheless, if we consider the price in conjunction with indicators, then there are prerequisites for an upward trade. The main premise is that there is divergence between price and all indicators, as price continues to fall and indicators are already looking up. Thus, we have a leading signal that tries either globally or locally to stop the current fall. Thus, we trade upwards with a target at least at the level of 6.7451