Chg. % for the last day: -0.27
Day range: 1.07617 – 1.08187
52-week range: 1.0366 – 1.1616
Yesterday, there was a high trading activity on the foreign exchange market. This is due to the meeting of the US Federal Reserve System. The regulator has left its monetary policy unchanged. At the moment purchases prevail on the EUR/USD currency. Price is testing the key resistance level of 1.08100.
The MACD histogram has started to rise and moved into the positive zone, which indicates the growth of the EUR/USD quotes.
Stochastic Oscillator has consolidated in the neutral zone, the %K line crossed the %D line. Currently, there are no signals.
News feed on 02.02.2017:
– the ECB monthly report (11:00 GMT + 2: 00);
– ECB President Draghi’s speech (14:15 GMT + 2: 00);
– the number of initial claims for unemployment benefits in the US (15:30 GMT + 2: 00);
– the level of performance in the non-agricultural sector of the US (15:30 GMT + 2: 00);
– labor costs in the US (15:30 GMT + 2: 00).
Support levels: 1.07550, 1.07150
Resistance levels: 1.08100
We expect the upward trend on the EUR/USD currency pair. One should consider buying up to the mark of 1.08500-1.08750.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.63
Day range: 1.26526 – 1.27022
52-week range: 1.1986 – 1.5020
Yesterday, the British currency growth against the US dollar continued. The GBP/USD quotes rose by more than 80 points. The currency overcame the resistance level of 1.26600. Attention is focused on the meeting of the Bank of England.
The MACD histogram has consolidated in the positive zone and continues to rise, signaling the growth of the GBP/USD currency pair.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which means purchases of GBP/USD.
Today we expect a lot of important news for the UK economy:
– the index of business activity in the construction sector (11:30 GMT + 2: 00);
– Bank of England inflation report (14:00 GMT + 2: 00);
– the total amount of the Bank of England’s QE program (14:00 GMT + 2: 00);
– the Bank of England’s decision on interest rates Bank of England (14:00 GMT + 2: 00);
– Bank of England’s head, Carney’s speech (14:30 GMT + 2: 00).
Support levels: 1.26600, 1.25450
Resistance levels: 1.27500
The previous forecast was confirmed. We recommended reducing the risks from open positions on the GBP/USD currency pair. It is necessary to await the decision of the Central Bank of Britain. If the price consolidates above the level of 1.27150, the growth of the GBP/USD quotations may continue. The potential for movement is 1.27500-1.27750.
An alternative could be a downward trend to the level of 1.25800.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.15
Day range: 1.29803 – 1.30522
52-week range: 1.2458 – 1.4692
Today there is a growing demand for the Canadian dollar. During the Asian session, the USD/CAD quotes fell by more than 50 points. At the moment, the currency is testing the key support level of 1.29850.
The MACD histogram continues to decline and fixed below the signal line, indicating the downward trend development on USD/CAD.
Stochastic Oscillator is near the oversold zone, the %K line is below the %D line, which delivers a weak signal to sell USD/CAD.
We recommend to pay attention to statistics from the US.
Support levels: 1.29850
Resistance levels: 1.30550, 1.31250
We believe that the USD/CAD currency pair may continue to decline. The nearest target for profit is 1.29350-1.29250.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.40
Day range: 112.415 – 113.363
52-week range: 99.08 – 123.69
Today, sellers force is observed on the USD/JPY currency pair. Currently, the price is testing the demand area of 112.300-112.450. Demand for the yen is supported due to a controversial US policy.
The MACD histogram has moved into the negative zone and continued to decline, indicating a further drop of USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. Currently, there are no signals.
It is necessary to pay attention to the news feed on the US economy.
Support levels: 112.300
Resistance levels: 113.100, 113.500
We expect a continuation of the downward trend on the USD/JPY currency pair. The potential for movement is 112.00-111.800.