Majors Monthly Forecast Oct 2016

EURUSD: Recovers With Caution, Eyes Minor Resistance , GBPUSD:Bearish, Sees Further Weakness, USDJPY: Bearish, Eyes Further Downside With Caution, USDCHF: Consolidates With Upside Bias...

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“EURUSD: Recovers With Caution, Eyes Minor Resistance”

As long as 1.1059 support holds on a monthly closing basis, the EURUSD remains in a recovery mode and further upside couldn’t be ruled out, but recovery above 1.1059 should be limited by the 1.2041 levels (Minor levels are: 1.1466, 1.1713)…On the downside, below 1.1059 on a monthly closing basis should weaken recent rise and build a strong pressure on the 1.0522 levels, a halt is likely but a cut will open the 1.0206 levels ahead of the 0.9686 levels…

majors-monthly-forecast-oct-2016-eurusd” GBPUSD: Bearish, Sees Further Weakness “

As long as 1.3307 resistance holds on a monthly closing basis, the GBPUSD remains on the downside to the 1.2600 levels ahead of the 1.2000 levels, above 1.3307 sees a recovery risk to the 1.3385 levels before the next falling…majors-monthly-forecast-oct-2016-gbpusd

” USDJPY: Bearish, Eyes Further Downside With Caution “

As long as 106.27/110.82 resistance holds on a monthly closing basis, the USDJPY remains on the downside, support comes at the 101.50/97.60 levels. At this point, I’d expect a strong support from the 101.50/97.60 levels to contain fall from the 125.85 levels and bring a strong reversal, however; a cut through the 97.60 levels would open the 91.70 levels, a halt is likely and a reversal may occur, further down, support comes at the 82.47 levels. On the upside, above 110.82 will open 116.12/121.48 levels before the next fall…

 

majors-monthly-forecast-oct-2016-usdjpy” USDCHF: Consolidates With Upside Bias “

Outlook in USDCHF remains neutral at the moment, the pair is trapped within 0.9475/1.0248 range. Above 1.0248 would open 1.0621 next, further upside will bring strong bullish move towards the 1.1729 levels. On the downside, below 0.9475 sees a fall risk towards the 0.9022 levels before the next rise, further down, support comes at the 0.8698 levels…

majors-monthly-forecast-oct-2016-usdchf

 

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