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29.01.2020

EUR/USD: general analysis

Since the beginning of the year, the EUR/USD pair has been under strong pressure from a number of factors, reaching the November lows of last year near 1.1000. The main reason for the decline is the continued strengthening of USD against most major currencies. Today, investors wait for the Fed's Interest Rate Decision. During this month, there were opinions regarding a possible easing of monetary policy, however, the current high positions of the national currency indicate the opposite, and the rate is likely to stay the same.

Morning Market Review

Today, during the Asian session, the EUR/USD pair is moderately declining, returning to local lows since the end of November 2019. Now, EUR has lost about 0.08% and is testing the level of 1.1010 for a breakdown. The day before, the instrument showed ambiguous dynamics, although it renewed the mentioned local lows, and the disappointing US Durable Goods Orders data became the main driver of growth. So, Durables excluding the defense and aviation sectors for December fell by 0.9% after rising by 0.1% for November. Analysts predicted zero momentum. During the day, traders wait for the publication of a block of European statistics on consumer confidence in Germany, Italy, and France, as well as on the volume of consumer lending for December in the EU.

USD/CHF: wave analysis

The pair may fall.

On the daily chart, the third wave of the higher level 3 of (3) develops, within which the wave i of 3 forms. Now, a local correction is developing as the fourth wave (iv) of i. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.9550–0.9500. In this scenario, critical stop loss level is 0.9818.

AUD/USD: wave analysis

The pair may fall.

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 5 of (5) forms. Now, an upward correction has ended as the fourth wave of the lower level iv of 5, and the wave v of 5 is forming. If the assumption is correct, the pair will fall to the levels of 0.6663–0.6545. In this scenario, critical stop loss level is 0.6935.

GBP/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (141.79). The closest resistance level is Kijun-sen line (142.93).