*** Weekly Technical Analysis

EURO

The euro versus dollar succeeded in achieving the awaited descend from last week's reports, touching support for the descending channel, shown above. positive signs are appearing through momentum indicators, in addition to the current strength of support that makes us expected a bullish correction for this week; targeting initially 1.3855 and might extend to 1.4000. Keep in mind that this ascend is considered to be a correction if 1.4120 is not breached; therefore paving the way for a short term direction rebound to the upside. A breakout of 1.3480 will gain the bearish direction some speed.

The trading range for today is among the key support at 1.3360 and the key resistance at 1.4055.

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

Support 1.3600 1.3540 1.3480 1.3360 1.3270

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Resistance 1.3740 1.3800 1.3855 1.3925 1.4000

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Recommendation Based on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.

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GBP

The cable was able to reach the main descending channel that organizes trading for the medium term bearish wave – where current support is at 1.5545 – inline with momentum indicators entering oversold areas clearly. Thus, chances of achieving a bullish correction could take 38.2% Fibonacci at 1.5900, as a minimum limit that will meet with the retesting of the previously breached pivotal support. We must pay attention that the main support 1.5545 will cancel out any bullish correction and continue the bearish trend in a quick manner.

The trading range for today is among the key support at 1.5215 and the key resistance at 1.5900.

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

Support 1.5545 1.5500 1.5465 1.5375 1.5270

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Resistance 1.5640 1.5720 1.5785 1.5850 1.5900

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Recommendation Based on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.

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JPY

The dollar versus yen managed to achieve a strong breach of the neckline for the bearish technical pattern, appearing through the daily chart, where current trading is stabilizing within the descending short term channel. We expect to achieve more bearish short term direction in order for this pattern's targets, which are around 84.80, could prevail. It is vital that 90.30 remain intact to support the bearish direction; whereas the bearish short term remains intact while trading below main resistance 92.50.

The trading range for today is among the key support at 86.40 and the key resistance at 92.50.

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

Support 88.90 88.50 87.85 87.35 86.40

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Resistance 89.60 90.60 91.30 91.80 92.50

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 89.60 target 87.85 and stop loss above 90.60, might be appropriate.

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CHF

The dollar versus swissy pushed upwards within the ascending channel that represents the bullish short term wave. The breach of the neckline for the bullish technical pattern has been affirmed, where its complete targets are around 1.1100. The clearly negative signs appearing through momentum indicators could force the pair to attempt some bearish correction towards support for the ascending channel at 1.0615, before resuming the expected bullish overall direction for this week. The breach of 1.0555 could weaken chances of the ascend continuing.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.1100.

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

Support 1.0705 1.0615 1.0555 1.0490 1.0400

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Resistance 1.0835 1.0890 1.0935 1.0980 1.1030

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0615 targeting 1.0835 and stop loss below 1.0490, might be appropriate.

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CAD

New support held its own – breached resistance level- in front of attempts by the pair to retest it; resuming the short term direction, according to our previous expectations. Momentum indicators seems neutral now, opening a way for a minor bullish correction to gain enough positive momentum to support expectations of continuing a bullish short term direction; where its main targets are around 1.0960 the 1.1050. Keep in mind the importance of trading remaining above 1.0560 to maintain chances of these expectations prevailing.

The trading range for today is among the key support at 1.0450 and the key resistance at 1.1050.

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

Support 1.0690 1.0635 1.0560 1.0450 1.0400

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Resistance 1.0780 1.0865 1.0960 1.1050 1.1120

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0780 targeting 1.0960 and stop loss below 1.0635, might be appropriate.