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Major Forex Outlook For the Coming Week
Submitted by Tradervox 1 on Thu, 17/05/2012 - 13:21
Tradervox (Dublin) - This week has seen major changes in currency trend as the EUR/USD pair remained under the uptrend support of 1.30 on Greece exit concerns. The GBP/USD pair has broken the 1.60 level to trade at mid 1.59 during the most of the week. The yen and the dollar have enjoyed bullish rally but is this going to continue to next week? Here is some technical analysis of major pairs.
EUR/USD: The pair has been bearish for most of the week due to concerns in the euro area. The pair has fallen to as low as 1.2681 close to 1.2660 level it touched twice in January. With few major event expected from the euro area during next week. The pair’s outlook remains bearish; we expect to see the currency reach 1.2623 which is this year’s lowest level.
GBP/USD: we expected the pair to remain neutral at mid 1.60 but recent data from Britain has caused the pair to go below this level. The pair is currently trading at 1.5832, but it is expected to remain at mid 1.59 during the next week. We have a bearish outlook for this cross during the next week.
USD/JPY: the pair is currently trading above the 80 level due to concerns that the BOJ might add stimulus next week. We are bullish on this cross and we might see the pair rise to 82.87 level which would expose the minor line of resistance of 83.50.
USD/CHF: the cross showed some movement during the week but it has remained unchanged over the week as demand for safe haven currencies increases. The pair opened the week at 0.9266 and later dropping to 0.9194. However, the resistance level of 0.9317 has remained firm and it is expected to continue during the next week as safe haven demand increases. Turmoil in Greece is expected to push the Swiss franc but the haven demand will be shared between the two currencies. We remain neutral on this pair.
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