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Weekly Market Outlook on Major Currency Pairs
#7
Profiforex Weekly outlook from October 8th - 13th


EURUSD
It is a slow week for the EURUSD, as the Japan holiday keeps the majors on a tight angle and the EURUSD kept at the 1.1730 level. There was no high impact news during the weekend that could move the market. Technically, the pair is stuck at 1.1730 below a bearish 20 SMA and technical indicators shows that it is heading south within negative territories. With more downside expected this week, any rallies will offer good opportunities to place a SELL order at a higher price.

Key Levels: R1- 1.1738, R2- 1.1754, R3- 1.1764. S1- 1.1732, S2- 1.1722, S3- 1.1716.



USDCHF

The USDCHF gained about 100 pips last week, but started this week on a calm manner. It is currently losing 0.08%, trading at 0.9790. Technically, the pair seems to be on a strong bullish trend and will maintain that trend this week. It has crossed the resistant level at 0.9800 but closed below it on October 6. The daily RSI indicator remains above the 50 mark, which means the pair is ready for further rise in the short term.

Key Levels: R1- 0.9785, R2- 0.9792, R3- 0.9797. S1- 0.9774, S2- 0.9768, S3- 0.9762


USDJPY
The pair made a remarkable gain and hit a high of 113.25, and easily took out the resistant level at 113.43. However, the move was only for a short term, as the price dropped sharply from the high.
Despite consolidating throughout last week, the outlook remains bullish. The short-term consolidation will end if price breaks the supply level at 114.00 (strengthening the existing bullish bias) or drops below the demand level at 111.00 (threatening the current bias).

Key levels: R1- 112.72, R2- 112.88, R3- 113.09. S1- 112.36, S2- 112.15, S3- 111.99.



GBPUSD
The pair has dropped 470 pips in the last 2 weeks and now moving toward the accumulation territory at 1.3050. This week Monday, the pair entered into a corrective level and is exhibiting more strength. Its RSI is bullish and pointing higher, although the pair continues to face fundamental pressure on the correction. Bearish movement is less likely to continue this week as accumulation territories at 1.3000 (a strong level), 1.2950, and 1.2900 are tested, but a significant rally may occur before the week runs out.

Key Levels: R1- 1.3095, R2- 1.3107, R3- 1.3117. S1- 1.3073, S2- 1.3063, S3- 1.3051.
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RE: Weekly Market Outlook on Major Currency Pairs - by JennyScott - 10-10-2017, 03:04 AM

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