Trading Support and Resistance: This week we will begin with our monthly and weekly Forex forecast of the currency pairs worth watching.
Let us look at the relevant data of currency price changes and interest rates to date, which we compiled using a trade-weighted index of the major global currencies:For the month of January, I forecasted that the EUR/USD currency pair would rise in value and that the USD/JPY currency pair would fall in value.Last week, I made no weekly forecast. This week, I again make no weekly forecast, as there were no unusually strong truly counter-trend price movements in the market last week.
Directional volatility in the Forex market is likely to increase over the coming week as there is a very high-impact data release scheduled for this weekLast week was dominated by relative strength in the Australian Dollar, and relative weakness in the Japanese Yen.
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