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Forex pairs in this Article » EUR/USD (San Francisco) - Most of the participants in the Forecast Poll (#FXpoll) believe that the EUR/USD is close to its top as they believe that the Euro will top around 1.40 with no further gains. After a week, the 1.40 seems an urban legend despite the fact that pair hasn't reached it.

The EUR/USD closed the week at 1.3800 after recovering from 1.3775 intra-day low. There is no case for USD bulls "at least from the fundamental point of view" according to analyst Valeria Bednarik. With the Federal Reserve unveiling its monetary policy and its forecast on the Union, next week will be crucial for the USD: back to 1.35 or free way to test 1.3960 resistance ahead of 1.4000.

Bednarik said in a recent report that next week "the 1.3830/40 area is the resistance to beat, and once above, there’s little in the middle up to 1.3910, next level to take over to reach the magic 1.4000."

The GBP/USD traded lower on Friday but remained in the weekly range in between 1.6120 and 1.6250. The pair closed the week at 1.6161, slightly negative but in consolidation mode in the weekly picture. The USD/JPY is dealing with the MA 200 days level around 97.40. The USD/JPY recovered from 97.00 to close the day at 97.42 in its second negative week in a row.

Main headlines in the American session:

US: Durable Good Orders rose 3.7% in September

University of Michigan consumer sentiment falls to 73.2 from 75.2

US wholesale inventories rise in August

Fitch affirms Italy at BBB+; Outlook negative

Wall Street closes the week with strong note
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