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Weekly Market Outlook on Major Currency Pairs
Market Outlook - September 10 - 15.


Last week Friday, investors retreated from the dollar in favor of other less important currencies in fear of another missile testing by North Korea. This could lead to more issues with the United States, a bad sign for the dollar. Price climbed about 200 pips last week, moving briefly above the resistance line at 1.2050 but closed below it on Friday. The consensus in the market is that the euro is on track for more gains after European Central Bank President [ECB] Mario Draghi made it clear that it is not a question of if but a question of when they would start tapering asset purchases.
The EURUSD is likely to gain another 200pips this week with pauses and corrections along the way.

Key Levels: R1- 1.2026, R2- 1.2034, R3- 1.2041. S1- 1.2010, S2- 1.2003, S3- 1.1995


The environment is quite choppy so it would be better to wait until it breaks and stays above the supply zone at 142.60, which it is now exploring. The most probable direction this week is upward. No North Korea action over the weekend has offered some relief, although it could be short lived as North Korea warned of a punitive action if US pursues oil sanctions. Thus, things could easily heat up again. So, the pair looks bearish on the long term and neutral on the short term.

Key Levels:  R1- 143.04, R2- 143.31, R3- 143.56. S1- 142.51, S2- 142.27, S3- 141.99.

At the start of this week, the pair has recovered all its losses on Friday and has caught some fresh bids. The pair’s movement above the 0.95 psychological marks was as a result of new demands in the greenback. The Swiss Franc lost its strength as there was no news or new development in the North Korea Crisis over the weekend. A follow through buying interest has the potential to continue lifting the pair towards 0.9525-30 resistance area en-route 0.9555-60 horizontal resistance.

Key Levels: R1- 0.9484, R2- 0.9489, R3- 0.9499. S1- 0.9468, S2- 0.9458, S3- 0.9453


The Pair’s outlook is bullish after rallying more than 280 pips last week, testing the distribution territory at 1.3200, and closing slightly below it. Late last week, the pair went dip to the 1.3168 level, but it is now gaining some traction and looking to reclaim the 1.3200 handle during early European session. Investors are cautious this week, waiting for the macro releases from the U.S. and UK, along with a very important BoE monetary policy decision. The GBPUSD is likely to reach the distribution territories of 1.3250, 1.3300 and 1.3350 is this week.

Key Levels: R1- 1.3200, R2- 3208, R3- 1.3217. S1- 1.3182, S2- 1.3174, S3- 1.3165.


The pair lost 210 pips last week and tested the demand level at 107.50 before closing above it. Still, with eased concerns regarding the political conflict in North Korea, safe haven currencies were a little bit weighed down. Notwithstanding, the outlook for the JPY pairs remains bullish this week. Fxstreet analysis suggests that “Immediate support is pegged near 108.25-20 zone, below which the pair could drift back to the 108.00 handle en-route 107.70 horizontal support. On the flip side, a strong follow through buying interest beyond the 108.50-60 region now seems to pave way for continuation of the pair's recovery move towards the 109.00 handle ahead of 109.25 level”

Key Levels: R1- 108.45, R2- 108.67, R3- 108.83. S1- 108.07, S2- 107.91, S3- 107.70

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RE: Weekly Market Outlook on Major Currency Pairs - by JennyScott - 09-11-2017, 07:26 PM

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