Majors Daily Forecast Nov 01 2017

blank

EURUSD: Bearish Despite Recovery Attempts!

As long as 1.1670 resistance holds on a daily closing basis, the EURUSD remains neutral with risk to the downside, support comes at the 1.1582 levels where a cut will aim the 1.1478 levels, a halt is likely and it may correct higher from here but a break below the 1.1478 levels will aim the 1.1390 levels, further down support comes at the 1.1329 levels.

On the upside, immediate resistance comes at the 1.1670 levels, above that level sees a recovery risk to the 1.1730 levels where another fall is likely, above 1.1730 will extend the recovery to the 1.1835/1.1861 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1670 levels, above that level, sees limited gains to the 1.1730 levels.

blankGBPUSD: Bullish Eyes The 1.3350 Levels!

The GBPUSD maintained a bullish momentum yesterday, bottomed at the 1.3191 levels, topped at the 1.3278 levels.

This development leaves the pair targeting the 1.3350 levels, a halt is likely and a reversal may occur, however; a breakthrough the 1.3350 levels will extend gains to the 1.3442 levels, further upside, resistance stands at the 1.3513 level ahead of the 1.3615 levels.

A failure to hold above 1.3287 could mean a return to 1.3191 before another rising, above 1.3287 will accelerate the expected bullish move…

On the downside, support comes at the 1.3191 (main), below 1.3191 will challenge 1.3130 levels, further downside will aim the 1.3041 levels.

Conclusion: The GBPUSD continues to face upside threats above the 1.3191 levels…

blankUSDJPY: Bullish Despite Corrective Threats!

As long as 113.20 support holds on a daily closing basis, the USDJPY remains on the upside to the 113.95 levels, a halt is likely but a break would open 115.00 levels, further upside will aim the 116.33 levels.

On the downside, below 113.20 will open the main support level at 112.51 where another rise is very likely…below that level will aim the 111.77/111.33 levels…

Conclusion: The USDJPY sees upside move above the 112.51/113.20 levels.blank

Today the Focus will be on U.K Manufacturing PMI followed by U.S ADP Nonfarm Employment Change, ISM Manufacturing PMI & Fed Interest Rate Decision. EURUSD sees a selling opprtunity while GBPUSD, USDJPY  both see a buying opportunity…

 

MARKET DATA

UPCOMING ECONOMIC EVENTS