By TraderVox.com
Tradervox (Dublin):
EUR/USD: the pair has remained in range over the week with ADP report causing the pair to increase considerably. Next week we are expecting some good reports from Germany which might cause the pair to continue with its current bullish trend. The pair might break the 1.31 to move higher to 1.3212 resistance level during the next week.
GBP/USD: the British pound closed the week 130 pips higher, and it has maintained its strength amidst safe haven demand during the week. Investors are looking at the sterling as a better option for risk aversion than the dollar amidst mixed reports from the country. The pair opened the week above 1.60 but later dropped to mid 1.60. We expect the pair to remain at mid 1.61 during the coming week. Our outlook for the GBP/USD remains bullish.
USD/JPY: this pair has maintained its 80.0 level for most of the week. With poor data from the US, the yen might advance as more investors choose the yen over the dollar as safe haven currency. However, such advance will be mitigated by the Bank of Japan which is expected to do any possible to keep the yen weak. Over the next week, the dollar/yen pair may not see much of change. Our outlook for the pair of the next week is neutral.
USD/CHF: the pair traded at a narrow range over the past week and closed the week almost unchanged at 0.9060. The pair has been somehow quiet with only two releases. However, the coming week will be busy with three major reports from Switzerland expected to be released on May 7. Other reports from the US to be released later in the week will also affect this pair. The USD/CHF opened the week just under 0.91 at 0.9097 gaining weak resistance at 0.9204. Next week’s outlook for the pair remains neutral and we might see it remain at higher 0.90.
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