Forex Forecast for EURUSD, GBPUSD, USDJPY and USDCHF for October 30 – November 3, 2017

First, a review of last week’s forecast:

– As the opinions of analysts were split 50/ 50, we had decided not to give a clear forecast for EUR/USD for the second week in a row. In terms of what happened, despite the bulls having an advantage at the beginning of the week, the bears eventually won. The House of Representatives of the US Congress was on their side this time, allowing the Senate to approve Trump’s tax reform by a simple majority. But that’s not all: on Thursday, 26 October, the dollar experienced a surge of support from the ECB, which decided to extend the QE quantitative easing program and continue buying bonds until the end of September 2018. All this hit the European currency so strongly, that it lost about 250 points against the dollar in two days.

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