*** Weekly Technical Analysis

EURO

The cluster resistance levels appeared to be around 1.4565; strongly resisting again the euro versus dollar's volatile attempts to achieve more ascend like last year – meeting point between 38.2% Fibonacci for the last descending wave with the MA 100 today -. The pair is still trading above the bullish short term support level – 1.4290- worth momentum indicators close to entering oversold areas that make us expect a bullish short term direction for this week; targeting mainly 1.4625 and then the breach of more ascending towards 1.4785. Chances of achieving these targets will prevail as long as 1.4290 remains intact.

The trading range for today is among the key support at 1.4005 and the key resistance at 1.4785.

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

Support 1.4290 1.4210 1.4170 1.4115 1.4035

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Resistance 1.4435 1.4510 1.4565 1.4625 1.4675

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4290 targeting 1.4535 and stop loss below 1.4170, might be appropriate.

Forex - Weekly Technical Analysis (18 – 24 Jan)

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GBP

The cable was able to reach resistance for the main descending channel that is showing strong resistance against attempts at achieving more bullish movement. We see that the pair was able to build a support base at 1.6240, supported by the pair within the bearish short term channel in addition to positive signs appearing on momentum indicators; all factors that make us expect the direction for this week is bullish; targeting first the breach of 1.6345 to pave the way to head towards the main target for this week at 1.6650. Keep in that achieving this ascend requires the daily close to remain above 1.6240.

The trading range for today is among the key support at 1.6000 and the key resistance at 1.6550.

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

Support 1.6240 1.6150 1.6100 1.6060 1.6000

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Resistance 1.6345 1.6410 1.6500 1.6550 1.6650

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.6345 targeting 1.6650 and stop loss below 1.6240, might be appropriate.

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JPY

The dollar versus yen continued to insure the breach of the bullish wedge, shown in our previous reports, while trades stabilize below pivotal support that is represented in 91.20, in addition to being below the MA 200; therefore, it supports our previous expectations by achieving the bullish short term direction heading towards 88.00. It is vital to pay attention to the positive signs that are appearing through the stochastic that might push for some bullish corrections. The bearish short term wave requires the daily close below 93.50.

The trading range for today is among the key support at 88.00 and the key resistance at 93.50.

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

Support 90.70 89.75 88.85 88.00 87.20

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Resistance 91.20 91.70 92.60 93.50 94.50

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 91.70 target 89.75 and stop loss above 92.75, might be appropriate.

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CHF

The 61.8% Fibonacci correction level showed strength against the dollar versus swissy's attempts to descend within a bearish channel, shown in the image above, where it organizes trades for the present bearish short term direction. The stochastic is showing positive signs that might force the pair to fluctuate between MA 50 and 100 and then achieve a base built on the mentioned resistance descending channel to resume the expected bearish short term direction for this week; while its main targets are around 0.9900. It is vital that 1.0410 remain intact to achieve the expected bearish direction.

The trading range for today is among the key support at 0.9900 and the key resistance at 1.0545.

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

Support 1.0210 1.0140 1.0055 1.0000 0.9960

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Resistance 1.0300 1.0370 1.0410 1.0505 1.0610

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0300 targeting 1.0140 and stop loss above 1.0410, might be appropriate

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CAD

The dollar versus loonie is achieving an organized descend within the bearish channel that represents the bearish short term wave, which started after breaching the symmetrical triangle, shown in our previous reports. Meanwhile, trades stabilized below 1.0400 adding strength to the bearish direction and thereby making us expect an overall bearish direction for this week; targeting mainly 0.9970 and requires the daily close below 1.0400. Momentum indicators seem to be showing oversold signs that might push the pair to attempt to bullishly correction from time to time.

The trading range for today is among the key support at 0.9970 and the key resistance at 1.0545.

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

Support 1.0255 1.0200 1.0125 1.0090 1.0000

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Resistance 1.0300 1.0400 1.0485 1.0545 1.0605

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0345 targeting 1.0200 and stop loss above 1.0485, might be appropriate.