By TraderVox.com
Tradervox (Dublin) – Euro may see pressure amidst rising Eurozone worries:
EURO/USD:
Euro has been trading in a range of 1.3000 and 1.3400 and is expected to remain sideways as the risk aversion is well in place due to developments in Eurozone especially in Spain. The overall tone in the pair remains bearish. But a clear break below 1.2974 which is the low of the first wave will open the doors on the downside for a target of lows in January of 1.2625.
GBP/USD:
BoE minutes are expected this week. Last month members' votes caused a slide in GBP. So this week is an important week for Pound and the votes of BoE members will be keenly watched. The downward pressure on the pound can initiate the slide in the pair as it failed to break the key resistance of 1.6000 twice. The support at 1.5775-5800 has been held strong. But a slew of data like inflation, retail sales, Q1 GDP will clear the dust for the pair.
USD/CHF:
The pair is expected to rise this week as the break of bullish flag is well supported by the 20 day EMA. The pair can be traded on the long side with a target around 0.9333, high of the March. There is no major events as far as CHF is concerned. But the overall trend in USD will move the pair.
USD/JPY:
The sharp correction seen in the pair seems to have ended or at the least approaching the end. The 50% retracement of the upside lies around 80 and the it can touch the 80 levels before proceeding higher. 80 remains a strong support while resistance lies at 82 and 83. The break of 83.30 will signal a clear uptrend. The reason for the bullishness in the USD/JPY pair can be attributed to a possible monetary policy easing.
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