Majors Weekly Forecast Feb 22 2016

EURUSD: Get Ready; The Pair Should Fly Very Soon... GBPUSD: Under Heavy Pressure...USDJPY: Around Critical Support But Remains Down... USDCHF: Challenging Main Resistance...

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EURUSD: As long as 1.1059 support holds on a weekly closing basis, medium term outlook in EURUSD remains neutral with risk to the upside towards 1.1386/1.1466 levels ahead of the 1.1700 levels, sustained breakout – weekly closing – below 1.1059 will suggest topping at the 1.1375 levels and pave the way towards the 1.0830 levels and possibly lower towards the 1.0587 levels…

Notes:

1-Daily timeframe suggests strong rebound from the 1.0985 levels, so we have strong demand zone around 1.0985/1.1059 levels…

2- As long as 1.1059 support holds on a weekly closing basis, rise from the 1.0709 levels still in progress, and a higher leg above the 1.1375 levels is strongly suggested…Only a clear break below the 1.1059 levels will bring large reversal…

 

Majors Weekly Forecast Feb 22 2016-EURUSD

GBPUSD: As long as 1.4350/1.4667 resistance holds on a weekly closing basis, medium term outlook in GBPUSD remains neutral with risk to the downside towards the 1.4079/1.3950 levels, above 1.4667 face a recovery risk towards the 1.5026/1.52230 levels before the next fall…

Majors Weekly Forecast Feb 22 2016-GBPUSDUSDJPY: As long as 114.87/115.96 resistance holds on a weekly closing basis, medium term outlook in USDJPY remains on the downside towards the 112.25 levels where a cut will turn focus on the 108.10 levels, above 115.96 faces a recovery risk towards the 121.48 levels before the next fall…(Minor resistance 117.65/118.66)…

Majors Weekly Forecast Feb 22 2016-USDJPYUSDCHF: As long as 0.9971 resistance holds on a weekly closing basis, medium term outlook in USDCHF remains on the downside towards the 0.9659/0.9459 levels ahead of 0.9321 levels, above 0.9771 will restore the upside momentum and turn the focus on the 1.0255/1.0335 levels…Majors Weekly Forecast Feb 22 2016-USDCHF

 

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