Ole Hansen
The Russian and Saudi energy ministers met ahead of Opec’s late-November deal, but Saxo Bank head of commodity strategy Ole Hansen says the future for oil remains cloudy.
Squawk / 16 July 2016 at 8:55 GMT
Senior Analyst /
Saint Vincent and the Grenadines
Weekly Trading Forecasts on Major Pairs (July 18 - 22, 2016)

Here’s the market outlook for the week:

Dominant bias: Neutral
This market merely went flat throughout last week; neither closing above the resistance line at 1.1150 nor going below the support line 1.1000. Price went lower on July 15, but it is unlikely that the support line at 1.1000 would be breached, for price may not be able to close below the support line, even after it tests it. This week, the probability of price going north is higher than the probability of it going south. Therefore, the resistance lines at 1.1200 and 1.1250 could be tested this week.

Dominant bias: Bullish
In spite of attacks from bears, USDCHF was able to avoid a significant decline last week. Price managed to go above the resistance level 0.9850, but it could not reach the subsequent resistance level at 0.9900 (which is a strong barrier to the bullish movement).



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