FX TECHNICAL OUTLOOK
for January 2017 to 118.65, and subsequent monthly close back below 114.15 in January 2017, terminated further medium-term rallies. We are forecasting a decline to 109.20, up slightly from 108.80, through April 2017, in a resulting lower, choppy medium-term consolidation [ 107.60 – 115.30] into December 2017. Only a monthly close back below 108.40 would
ignite bearish medium-term
momentum and result in a decline to retest 103.90 strong long-term support over the subsequent three months.
EUR/JPY USD/JPY EUR/JPY
close back below 1.1950 would reignite bearish medium-term momentum, avert the further rally to 1.3180, and result in a deeper decline to 1.1220 weak
long-term support over the
subsequent three months. NOTE: EURGBP decline to the .7070 long-term objective for January 2015 complete; still decline again to .7810 through May 2017 in [.7580 - .8795]
40 FX TRADER MAGAZINE April - June 2017
into September 2017. USD/JPY
Last Fall, we focused on the waning bearish medium-term momentum from the decline through the 107.80 objective for May 2016 to 99.00 and the imminent corrective rally. Te rally through 111.45 forecast
As stated in the last couple of articles, as significant a currency pair as the EUR/ USD or USD/JPY, EUR/JPY will continue to dominate currency trading through the first quarter of 2017. Te premature decline in October 2016 to the 111.10 medium-term objective for November produced very strong multiple medium-term divergences, but the rally to only 123.75 shy of 126.30 forecast for February 2017 again mixed the improved medium- term technical outlook back to neutral. We are forecasting a decline to retest 116.90 through April 2017 in a similar, volatile, tight medium-term outlook [116.30 – 123.75] into October 2017. Only a monthly close back below 113.75 would ignited bearish medium- term momentum and produce a strong retest of the 109.55 strong long-term support over the subsequent two months.
USD/CHF
I am compelled each quarter to emphasize that the Swiss Franc remains
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