*** Weekly Technical Analysis

EURO

The euro versus the dollar acquired the targets mentioned throughout last week's report, where it returned to trade near the main support shown above at 1.4230. Momentum indicators return to show positive bullish signs that make us expect a bullish direction for this week heading mainly towards 1.4790 and requires the breach of the main resistance at 1.4445 and then 1.4575. The expected scenario will prevail if we do not witness a daily closing below 1.4203.

The trading range for today is among the key support at 1.4000 and the key resistance at 1.4790.

The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.

Support 1.4230 1.4175 1.4110 1.4035 1.3945

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Resistance 1.4395 1.4470 1.4575 1.4695 1.4790

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4230 targeting 1.4445 and stop loss below 1.4110, might be appropriate.

Forex - Weekly Technical Analysis (4 – 8 Jan)

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GBP

The cable succeeded in achieving the expected scenario in last week's report, where it halted ascending near the pivotal resistance mentioned at 1.6255. Signs of stability above support levels for the descending channel are seen, in addition to the bullish technical pattern that is currently forming; thus, we expect normal trading within the shown channel heading to the upside to target the resistance level for this channel at 1.6445. From here, we see that the expected direction for this week is bullish and requires the breach of main resistance at 1.6255, while taking into consideration the importance of the daily closing remaining above 1.5920 for the expectations to prevail.

The trading range for today is among the key support at 1.5700 and the key resistance at 1.6445.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Support 1.6025 1.5920 1.5830 1.5805 1.5700

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Resistance 1.6190 1.6255 1.6325 1.6410 1.6485

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.6025 targeting 1.6255 and stop loss below 1.5920, might be appropriate.

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JPY

The dollar versus the yen continued pushing to the upside to near the main resistance level for the descending channel that represents the general bearish direction for the pair, as seen on the image above. Momentum indicators are moving around overbought signs, which make us expect a bearish reversal is about to start a downside direction over the short term, where it will start by building its base on the main resistance at 94.10 and head towards targeting mainly 88.60 and then 86.30. Chances of achieving this bearish direction will prevail if trades remain below 94.10.

The trading range for today is among the key support at 87.20 and the key resistance at 95.00.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Support 92.20 91.10 90.35 89.60 88.60

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Resistance 93.05 94.10 95.00 95.65 96.00

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 94.10 target 91.01 and stop loss above 95.00, might be appropriate.

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CHF

The dollar versus swissy last week was stuck between the 50 and 100 Days MA, while momentum indicators continued to lean towards negativity and moving to the downside. The 38.2% Fibonacci correction has started to form pivotal support at 1.0280, which represents the neckline for the suggested bearish technical pattern that is currently forming, as we expect it to continue its negative pressure to breach this level and then pave the way for a bearish short term direction this week, its main target starts at 1.0055. Note that the breach of the pivotal resistance at 1.0530 will fail the expected scenario and reverse the short term direction to the upside.

The trading range for today is among the key support at 1.0055 and the key resistance at 1.0650.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

Support 1.0280 1.0200 1.0140 1.0055 0.9960

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Resistance 1.0370 1.0450 1.0530 1.0610 1.0695

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0280 targeting 1.0055 and stop loss above 1.0370, might be appropriate.

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CAD

The dollar versus loonie has been able to breach the symmetrical triangle support level, shown in last week's report and seen in the daily chart above, where the breached support –that had turned into resistance- succeeded in holding against the pair's retest; thus, strengthening chances of an expected bearish direction to prevail. From here, we see that the expected direction for this week is to the downside, building a base on the breached support at 1.0550 and head towards 1.0200and then 1.0100; the expected downside move requires the daily closing to remain below 1.0635.

The trading range for today is among the key support at 1.0100 and the key resistance at 1.0780.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Support 1.0440 1.0360 1.0270 1.0270 1.0100

Resistance 1.0550 1.0635 1.0690 1.0780 1.0845

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0550 targeting 1.0360 and stop loss above 1.0690, might be appropriate.