Oil has hit a 15-month high on the back of optimism over the Opec deal which needs to be sorted out by November 30. But, with a record long position building across the combined benchmarks, a disappointment could leave some exposed. Full report to come within the hour....
Squawk / 23 July 2016 at 21:20 GMT
Senior Analyst /
Saint Vincent and the Grenadines
Weekly Trading Forecasts on Major Pairs (July 25 - 29, 2016)

Dominant bias: Bearish
This pair consolidated to the downside last week, moving south by only 100 pips and closing above the support line at 1.0950 on Friday. There is a “sell” signal in the market and price might test the support lines at 1.0900, 1.0850 and 1.0800 this week, because USD is expected to gain some stamina. Most major pairs did not move significantly last week, but movements in the markets this week would be stronger than the movements last week.

Dominant bias: Bullish
Last week, USDCHF was able to maintain its bullishness despite constant threats from bears. Price did not go upwards strongly but it is now above the important support level of 0.9800. There is a major obstacle to bulls, located at the resistance level of 0.9900. Bulls have carried out failed attacks into that resistance level, and they are yet to give up doing that.



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