Comment: Investing in the foreign currency market is often a tricky business. Understanding exactly where exchange rate will move in future seems straightforward but escapes a large number of traders. The main reason for this is that they generally do not take into consideration all the information which can be found. Basically researching signals as well as forex charts just presents only half the picture. To obtain an edge over the market data is king and knowing where to locate it is actually crucial. We try to bring everyone the most significant content articles that will help you make smarter investing selections. This informative article, Weekly Forex Forecast – Sunday, Feb. 11 gives you the most recent information regarding exactly where the professionals believe exchange rate may go providing you with an opportunity to become more profitable in your forex trading
The US dollar fell during a bulk of the week during the last 5 sessions, struggling at the 110 level. This is an area that has attracted a lot of attention recently, but I believe that the market should eventually be able to break above it. While the stock markets have broken down significantly over the last several sessions, this pair has remained relatively stable. Because of this, I believe that the market looks relatively healthy, so it would not surprise me at all to see this market make another attempt at the 110 level this week.
The EUR/USD pair broke down significantly during the week, slicing towards the 1.22 level before finding support. This is an area that begins massive support down to the 1.21 level, so ultimately, I think that we may get a little bit more softness this week, but I am a buyer and not a seller. This remains the case until we break down below the 1.20 level underneath. I suspect that the next week is going to be a bit sloppy.
The US dollar has rallied against the Canadian dollar as the oil markets have fallen apart during the week, but on Friday we ended up forming a shooting star. Because of this, I think the market will probably pull back initially, but I would expect to see buyers come in just below the 1.25 level this week. If we break down below the 1.23 level, then the market will almost undoubtedly go down towards the 1.20 level over the next couple of weeks.
The British pound fell against the Swiss franc during the week, after initially trying to rally. We are closing near the 1.30 level, so I think we could get a bit of buying over the next couple of sessions. If we can break above the 1.3050 level, then I think the market probably goes looking towards the 1.33 handle. Otherwise, if we break down below the bottom of the weekly range, the market probably goes down to the 1.26 handle.
Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals …
Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.
How did you like this article? Let us know so we can better customize your reading experience.
Users’ ratings are only visible to themselves.