Weekly Trends: 2/12/12 – 2/18/2012

Forex weekly trends – an overview of the trends in the forex market for the past week with likely developments for the next week.

 
EUR/USD: During the past week the recent uptrend has not resumed.
 
Technical picture points that the incoming week will likely bring real opportunities for the scalpers. At this point EUR/USD looks like a real “scalper’s paradise” for the next week. The range-bound condition is likely to continue and the price likely to oscillate between 1.3300 and 1.3100 in a fairly consistent manner. “Fundamentally” these fluctuations will be described according to “progress with Greece’s debt.” 1.3100 is an important support level that needs to be watched closely in the next few days. If it is penetrated the chances for a good dip before the week’s end and 1.3000 the next major support level. Alternatively the major resistance level at 1.3300 can be tested though unlikely.
 

GBP/USD: Weakness of the cable.
 
The cable likely to continue to show some weakness. The major support level at 1.5700 likely to be tested, and the price likely will be going back and forth around this level in the next couple days. It means that a decent quality range-bound condition is very likely with the major support level of 1.5650 and the major resistance at 1.5850. Some obvious opportunities can be found. 1.5700 support level should be watched. If penetrated a good dip very likely before the week’s end.
 

USD/CHF: Flattening out.
 
Does not look like is going to be a lot of action there. For the next week the price is likely to stay within 0.9100 – 0.9200 range and unlikely to deviate very far from these levels – 0.9250 and 0.9050 are “outer” bands of the range.
 

USD/CAD: USD/CAD was range bound and oscillating around 1.0000.
 
The same scenario is likely to continue. 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. It means that the price is unlikely to deviate very far from the parity. But the range is likely to narrow in the next couple days so a breakout can become a real possibility.

Want to read more details about more major and exotic pairs? Become a member. It’s free.

Free Forex