*** Weekly Technical Analysis

EURO

The euro versus dollar's short term trading is organizing within the descending channel after insuring the breach of support for the bullish medium term; therefore, more bearishness is expected for this week. Momentum indicators are showing oversold signs that are pushing the pair towards bullishly correction, however in overall we expect a possible bearish short term direction for this week; targeting mainly 1.3485. It is vital that 1.4080 remain intact so that it may prevail.

The trading range for today is among the key support at 1.3485 and the key resistance at 1.4200.

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

Support 1.3870 1.3800 1.3740 1.3645 1.3575

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Resistance 1.3925 1.4000 1.4080 1.4145 1.4195

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.3925 targeting 1.3750 and stop loss above 1.4050, might be appropriate.

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GBP

The pair succeeded in breaching the neckline for the bearish technical pattern, shown above, thus pushing the pair to strongly move to the downside to target support for the main descending channel around 1.5600. From here, we can expect a bearish direction over a short term intraday basis; requiring the daily closing to remain below 1.6125.

The trading range for today is among the key support at 1.5600 and the key resistance at 1.6260.

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

Support 1.5915 1.5850 1.5735 1.5615 1.5555

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Resistance 1.6055 1.6125 1.6220 1.6300 1.6415

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.6055 targeting 1.5915 and stop loss above 1.6125, might be appropriate.

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JPY

The pair continues trading within a descending short term channel and gradually close to forming a bearish technical pattern, seen in the chart above; whereas its neckline is at 89.25 that meet with 50% Fibonacci correction. We can expect the pair to succeed in breaching this level and therefore opening the way to achieve a possible bearish short term direction for this week. We could witness some minor bullish correction before activating the expected bearish direction that mainly targets 86.90 and then 84.80. It is vital that 92.90 remain intact to maintain chances of achieving the predicted bearish direction.

The trading range for today is among the key support at 86.90 and the key resistance at 93.75.

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

Support 89.25 88.00 87.65 86.90 86.20

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Resistance 90.60 91.65 92.20 92.90 93.50

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 89.25 target 87.80 and stop loss above 90.60, might be appropriate.

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CHF

The pair was able to breach the neckline for the bullish technical pattern at 1.0540; therefore insuring the bullish short term direction continuing. Momentum indicators are showing negative signs that might force the pair to bullishly correct to retest the broke pivotal level before continuing the expected bullish short term direction for this week; targeting 1.0940 and essentially requiring the daily closing above 1.0440.

The trading range for today is among the key support at 1.0340 and the key resistance at 1.0940.

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

Support 1.0640 1.0605 1.0550 1.0495 1.0455

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Resistance 1.0690 1.0745 1.0780 1.0825 1.0870

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0540 targeting 1.0700 and stop loss below 1.0440, might be appropriate.

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CAD

The pair insured the breach of pivotal resistance, shown in the daily chart above, at 1.0605; stabilizing above the MA 100 an additional day, where a clear breach of the bullish technical pattern is appearing on the four hours chart. These factors make us expect a possible bullish direction for this week that might be forced to retest 1.0605 once again, before resuming the bullish trend as its main targets started at 1.0780, and push towards 1.0960. Keep in mind the importance of the daily closing remaining above 1.0550 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0415 and the key resistance at 1.0960.

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

Support 1.0605 1.0550 1.0500 1.0415 1.0335

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Resistance 1.0700 1.0780 1.0870 1.0960 1.1045

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0605 targeting 1.0780 and stop loss below 1.0500, might be appropriate.