Forex Forecast for EURUSD, GBPUSD, USDJPY, and USDCHF for 02-06 January 2017

First, a review of last week’s forecast:

– We know that “thin” market and low liquidity in the pre New Year’s week can work wonders. For the first half of the week the EUR/USD pair, as expected, remained in a slow sideways trend. Then on Wednesday, it slumped 100 points. On Thursday it played back what it lost. Then, the beginning of the Asian session on Friday presented the traders a “New Year” surprise – in just one hour, for no apparent reason, the pair made a sharp leap upwards and hit 1.0655, after which it returned to the levels of support of the second half of November;

–The forecast for GBP/USD predicted the pair’s movement in the side channel in the range of 1.2215-1.2325. 1.2375 was identified as the week’s high. In general, this forecast proved to be correct – for the whole week the pair oscillated in the range 1.2200-1.2305, and on Friday, breaking through the upper boundary of the corridor, it reached the height of 1.2385; 

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