*** Weekly Technical Analysis

EURO

The euro versus dollar inclined sharply after building a base on support for the general direction that is currently at 1.4265, where it is currently facing pivotal resistance at 1.4545 – MA 100 -. Momentum indicators are showing overbought signs that will make us witness some sideway fluctuation this week, with some bearish slant gaining positive momentum that supports the bullish short term direction's continuation. From here, we expect a bullish short term direction for this week; where its main targets start at 1.4750 and then 1.4960. Keep in mind that the daily close must remain above 1.4265 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.4115 and the key resistance at 1.4960.

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

Support 1.4410 1.4330 1.4265 1.4175 1.4115

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Resistance 1.4545 1.4680 1.4750 1.4800 1.4860

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4410 targeting 1.4680 and stop loss below 1.4265, might be appropriate.

Forex - Weekly Technical Analysis (11 – 17 Jan)

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GBP

The cable is trading around the MA 100 today, in an attempt to breach and stabilize above and therefore insuring the expected bullish short term direction mentioned in our previous reports. Meanwhile, trades stabilized above pivotal support 1.5900, after a busy week filled with strong economical data that insure the bullish slant. From here, we see that the expected direction for this week could be bullish on the short term; targeting mainly touching 1.6365 and then might have to slightly bearishly correct to gain bullish momentum that supports achieving more ascends towards 1.6500. Chances of these expectations continuing will prevail if 1.5850 remains intact.

The trading range for today is among the key support at 1.5850 and the key resistance at 1.6500.

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

Support 1.6020 1.5920 1.5850 1.5735 1.5615

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Resistance 1.6145 1.6250 1.6325 1.6410 1.6500

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.6020 targeting 1.6250 and stop loss below 1.5920, might be appropriate.

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JPY

The dollar versus yen was able to start building a bearish technical pattern, which is a "rising wedge" currently proceeding insures the breach of main support for this pattern at 92.60. This negative pattern is accompanied by negative signs through momentum indicators, where trades stabilized below main resistance 93.80; therefore making us expect a bearish short term direction for this week where its main targets start at 90.35 and then attempt to breach it to pave the way to targets levels below 89.00. Keep in mind the importance of the daily close remaining below 93.80 to maintain the expected bearish direction's pace.

The trading range for today is among the key support at 88.00 and the key resistance at 94.50.

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

Support 91.90 91.25 90.35 89.60 88.60

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Resistance 92.60 93.80 94.50 95.00 95.65

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 92.60 target 90.35 and stop loss above 93.80, might be appropriate.

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CHF

The dollar versus swissy is moving according to the expected scenario in last week's report, insuring the breach of support levels that forced the pair to trade within a narrow range. In addition, we notice that through the image above we can see bearish technical patterns forming and therefore pushing the pair to strongly move to the downside. Thus, we expect a bearish direction on the short term for this week, where it is heading towards 1.0055 initially and then will descend towards 0.9915. The expected bearish direction will prevail if we do not witness a daily closing above 1.0380.

The trading range for today is among the key support at 0.9870 and the key resistance at 1.0505.

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

Support 1.0140 1.0055 0.9960 0.9915 0.9840

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Resistance 1.0280 1.0380 1.0450 1.0505 1.0610

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0280 targeting 1.0055 and stop loss above 1.0380, might be appropriate.

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CAD

The dollar versus loonie succeeded in insuring the breach of the symmetrical triangle pattern shown in last week's reports, alongside the breach of the neckline for the bearish technical pattern at 1.0400; strongly insuring the current bearish short term wave's continuation. Momentum indicators are showing oversold signs and therefore we could witness some bullish correction to retest the broken level (1.0400) and gain bearish momentum that supports achieving the expected bearish short term trend for this week. The expected bearish move will prevail is the daily close remains below 1.0605.

The trading range for today is among the key support at 1.9970 and the key resistance at 1.0605.

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

Support 1.0200 1.0165 1.0090 1.0000 0.9970

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Resistance 1.0345 1.0400 1.0510 1.0605 1.0690

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0400 targeting 1.0200 and stop loss above 1.0510, might be appropriate.