Forex market 2017 technical outlook

EUR USD 2017 technical outlook

Eur/usd yearly forecast-remain sell tgts 1.0050-0.9570

Euro dollar pair on monthly chart is in absolute downtrend and with strong bearish momentum. In 2016, we saw euro tried to gain but at the end of 2016, dollar stated it rally and pushed euro to new low. This might continue on 2017, and expect euro to slide up to 1.0050 which is my first bearish 2017 target for euro and below it euro will fall below 1.0 level to my next target of 0.9560. On upside 1.0830 is major resistance on weekly closing basis and below it traders keep long term sell on rise strategy on euro. Fresh bearish pattern in monthly chart indicators suggesting major breakdown for euro for long terms. GBP USD 2017 technical outlook

Gbp/usd yearly forecast-remain sell tgts 1.1210 to 1.0100

Pound dollar pair is in absolute downtrend on monthly chart and after brexit we saw sharp breakdown from record levels. Pound is continuously making newer lower lows as brexit talks coming near and near. Technically, year 2017 will be bad for pound and below 1.3120 on weekly closing basis, outlook as well as trading strategy will remain sell on rise. On downside my gbp usd 2017 technical targets are 1.1210 and below it next target will be near 1.0. Look like dollar is pushing euro and pound to equality. AUD USD 2017 technical outlook

Aud/usd yearly forecast-expect recovery rally up to 0.7750-0.83

Aussie dollar vs. US dollar pair is slowly and steadily coming of record lows. In 2016, we saw weak opening at start of 2016 and fresh low of 0.6790 after that whole year aud consolidated and slowly recovered and almost closed flat negative for 2016 which is reversal sign of chart. For 2017, on commodity boom, expect aud to remain bullish and continue to recover. Above 0.7280 on weekly closing basis my view remain bullish and long term technical targets are around 0.7750 and then 0.83. Below 0.7280, aud usd major support will be around 0.6780. USD JPY 2017 technical outlook

Usd/jpy yearly forecast-bull run might continue for targets 126-135

Usd jpy pair is trading with heavy losses for this month which in my is buying opportunity. Usd jpy is in strong bull market and we saw correction and reversal in 2016 from 98 level. Yen will continue to drift down on BOJ actions as well as stronger DXY. For 2017, usd/jpy will remain buy on dips above 112.5 support level. On upside my 2017, technical targets for yen are 126 and then 135. Below 112.5, usd jpy next major support will be around 103.3. USD CHF 2017 technical outlook

Usd/chf yearly forecast-remain buy tgts 1.0530-1.0880

US dollar vs. Swiss franc pair is trading at 1.0098 with loss in January 2017. But on monthly chart, usd chf pair price trend and momentum both are strong bullish. In 2016, we saw positive yearly closing for pair after correction and year-end rally in this pair. Usd chf for 2017, will remain buy on dips above 0.9980 support on weekly closing basis. On upside investors can expect fresh record high for pair around 1.0530 and then 1.0880. Below 0.9980, usd chf next major long term support zone will be 0.9630. USD CAD 2017 technical outlook

Usd/cad yearly forecast-remain sell tgts 1.2370-1.13

US dollar vs. Canadian loonie pair is trading at 1.3126 with loss for this month. Usd cad in 2016, started strong and hit record high level of 1.4630 but then after strong profit booking and then dollar strength made it to close with loss. Usd cad pair for 2017, opened weak and might continue to correct on long term chart. For 2017, usd cad pair below 1.3530 will remain weak and sell. On downside, loonie might continue to gain and is heading towards my 2017 technical targets of 1.2370 and below it expect next big target at 1.13. On upside 1.3530 and 1.46 are major resistance zones for year 2017.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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