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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #USDJPY,  #USDCHF, #AUDJPY and more!

Watch the video to learn more…

 

Week Ahead Analysis

In US news this week the attention turns back to the Consumer Price Index (CPI) data. The forecasts are expecting the CPI to lower from 0.5% to 0.4% compared to last month. The CPI data compared to last year is also expected to fall from 6.4% to 6.0%. Consumer prices account for the majority of overall inflation, if this comes in higher than expected the pressure on the Fed could resume. If this falls then we could see the USD weakness continue in the market. In further US news, retail sales and PPI are all expected to come in lower. 

In other news the ECB is forecast to hike interest rates from 3.00% to 3.50%. The ECB is expected to remain aggressive on rates with Core Inflation remaining high. Investors will keep a close eye on the ECB press conference, to see if President Lagarde remains hawkish in tone.

The strength meter this week shows that the Japanese Yen (JPY) is the strongest currency. The weakest currency is the Australian Dollar (AUD). The currency strength meter suggests that AUDJPY could trade lower. 

USDJPY

Forex Week Ahead Analysis 12-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Price of USD could trade lower this week in line with the strength meter. 
  • Price is currently trading above the 134.50 level, if price trades through this level we could see a move down to 132.75.
  • If price rallies back to the lows of 135.75 and finds resistance we could expect a retest of 134.50.

USDCHF

USDCHF Forex Week Ahead Analysis 12-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • CHF strength has seen the price of USDCHF break through the key lows of 0.9300. 
  • A bearish rejection around this resistance level could lead to the price trading down to 0.9150.
  • If price reaches the support first we could see the price trade back higher. 

AUDJPY

AUDJPY Forex Week Ahead Analysis 12-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Price of AUDJPY has traded through the support of 90.50.
  • Price is approaching the support at 88.50. 
  • If price reaches this level we could expect a pullback to resistance of 90.50.

CADJPY

CADJPY Forex Week Ahead Analysis 12-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • CADJPY has also traded through multiple levels of support including the weekly level of 98.50.
  • This break of support could see price trade lower to 95.00.
  • The price could find resistance back at the 98.50 level. 

Have you watched our Forex Market Wrap analysis? You can see it here

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