Forex Weekly Trends: 1/29/12 – 2/4/2012
EUR/USD: The EUR/USD was in uptrend.
Technical indicators point to at a short-term dip. “The fundamental” (less important) reason is how progress (or lack of it) with Greece bailout will be seen by the market and usual “risk appetite.”
1.3100 is a major support level and a bounce likely to occur. Though unlikely but If 1.3100 is penetrated the recent uptrend can be coming to the end. The likely scenario is that the uptrend will resume.
GBP/USD: Last week’s very strong uptrend is likely to continue but might be getting out of steam.
1.5800 is the critical resistance level, may be penetrated in the next a couple of days. This is the likely scenario and will mean that the uptrend is still ongoing. Testing of 1.5900 is likely.
USD/CHF: Last week’s short uptrend is likely over.
For the next week 0.9200 is the major resistance and 0.9100 is the major support level. May test 0.9250 but likely to hoover for awhile around 0.9150. New statements from SCB to devalue CHF are unlikely.
USD/CAD: USD/CAD was in downtrend.
The major support/resistance level 1.0000 is definitely should be considered in next week and the rate can bounce as well as go through several times. Likely range will be between 1.0050 and 0.9900.