*** Weekly Technical Analysis

EURO

The pair managed to breach the major support that is protecting the short-term ascending wave confirming a new bearish wave over short term basis. Momentum indicators provide overbought signals that might pressure the pair into a correctional upside move to retest the broken support currently at 1.4315 before resuming the downside trend over short term basis. The targets for the bearish wave reside around 1.4000. Nevertheless, the resumption of the upside wave is still valid as far as 1.4035 areas hold intact and 1.4315 is breached.

The trading range for the week is among the major support at 1.3800 and the major resistance at 1.4515.

The general trend is to the upside as far as 1.3480 is intact with targets at 1.6000.

Support 1.4115 1.4050 1.4000 1.3945 1.3870

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Resistance 1.4210 1.4315 1.4375 1.4460 1.4515

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.4315 targeting 1.4115 and stop loss above 1.4440, might be appropriate this week

Forex - Weekly Technical Analysis (25 – 31 Jan)

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GBP

The pair settled below the resistance level for the descending channel which resumes the channel’s control on the pair over short term basis. Accordingly, we expect a general downside trend this week which will base upon the major resistance at 1.6245 after gaining enough momentum to support the expected declines. Stable daily closings below 1.6245 are required for the bearish expectations to prevail this week.

The trading range for the week is among the major support at 1.5725 and the major resistance at 1.6405.

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

Support 1.6075 1.6000 1.5965 1.5900 1.5850

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Resistance 1.6145 1.6245 1.6310 1.6415 1.6500

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.6245 targeting 1.6110 and stop loss above 1.6310, might be appropriate this week

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JPY

The dollar versus the yen is trading within a descending channel after confirming the breach of the Rising Wedge, mentioned in our previous reports and therefore our bearish expectations prevail. We expect trading this week to prevail normally within the descending channel mentioned and we expect a bearish move over intraday basis targeting initially 88.20 and then 86.90; the bearish move requires steady daily closings below 93.20.

The trading range for the week is among the major support at 86.90 and the major resistance at 93.20.

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

Support 89.25 88.60 88.00 87.20 86.20

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Resistance 90.30 91.25 92.20 92.60 93.20

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 91.25 targeting 89.25 and stop loss above 92.60, might be appropriate this week

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CHF

After the pair ended the downside correction reaching 61.8%, it is heading to the upside to complete the formation of a bullish pattern with the neckline at 1.0535. This pattern makes us expect a possible short term upside move which will be activated after unloading negative momentum signals and breaching the mentioned neckline. The major targets for the week start from 1.0595 and then 1.0745; the upside move requires steady daily closings above 1.0140.

The trading range for the week is among the major support at 1.0055 and the major resistance at 1.0700.

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

Support 1.0390 1.0300 1.0210 1.0140 1.0055

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Resistance 1.0440 1.0535 1.0595 1.0645 1.0700

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0535 targeting 1.0700 and stop loss below 1.0380, might be appropriate this week

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CAD

The pair managed to breach the 1.0410 to the upside which provided confirmations for the strength of the set bottom at 1.0222 and therefore the pair started a bullish move over intraday basis. We can present an expected scenario for the upside move, starting with a downside correction to relieve momentum indicators and then resuming the expected upside move for this week which initially targets 1.0780 and then 1.0870. Our bullish expectations require steady daily closing above 1.0370.

The trading range for the week is among the major support at 1.0220 and the major resistance at 1.0870.

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

Support 1.0510 1.0455 1.0370 1.0315 1.0220

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Resistance 1.0600 1.0645 1.0690 1.0780 1.0870

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0455 targeting 1.0645 and stop loss below 1.0315, might be appropriate this week