*** Weekly Technical Analysis

EURO

The pair managed to touch the support line for the main descending channel, appearing through the image above, which continues its stance against continuous attempts of descending. We expect a bullish correction for this week; where its main target is around 1.3800. Keep in mind that the breach of 1.3505 followed by 1.3485 will open the door up to resume the bearish direction below the need for an expected bullish correction.

The trading range for today is among the key support at 1.3290 and the key resistance at 1.3900.

The general trend is to the upside as far as 1.3485 remains intact with targets at 1.6000.

Support 1.3505 1.3485 1.3410 1.3360 1.3270

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Resistance 1.3635 1.3675 1.3745 1.3800 1.3875

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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 pair ihas been traded within a sideway range last week between the recorded bottom at 1.5555 and 23.6% Fibonacci correction at 1.5765. We still hold onto our expectations for last week, with a possibility of a bullish correction occurring this week that first requires the breach of 1.5765 to head towards 1.5900 then 1.6005. It is also vital that the daily closing remain below 1.5555 to maintain chances of achieving this bullish correction. On the other hand, the breach of the final level will pave the way for a continuous bearish direction that targets levels around 1.5200 initially.

The trading range for today is among the key support at 1.5200 and the key resistance at 1.6005.

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

Support 1.5555 1.5500 1.5465 1.5375 1.5270

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Resistance 1.5645 1.5765 1.5845 1.5900 1.6005

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breakout of1.5765 targeting 1.5900 and stop loss below 1.5640, might be appropriate.

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JPY

The pair continues pressuring pivotal support that forms the suggested neckline for the bearish technical pattern, appearing in the daily chart above. The currently awaited pressure is through the rising wedge, where we need to witness an initial breach of minor support at 89.75m which will lead the neckline to reach 88.75. Stochastic is showing negative signs that support our expectations for this week for a bearish short term trend; main targets are mainly around 86.90. The bearish short term direction will prevail if the daily close remains below 92.30.

The trading range for today is among the key support at 87.75 and the key resistance at 91.30.

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

Support 89.75 88.75 88.20 87.75 86.90

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Resistance 90.30 90.90 91.60 92.30 92.90

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breakout of 89.75 targeting 88.75 and stop loss above 90.50, might be appropriate.

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CHF

The pair continues its trading within the ascending short term channel that organizes the journey of achieving the previously breached bullish technical pattern targets, appearing through the image above. We expect some minor bearish correction that will build its base on 1.0675 then achieving the overall bullish direction; targeting mainly 1.1000 then 1.1100. The breach of 1.0675 will weaken chances of the expected bullish direction for this week.

The trading range for today is among the key support at 1.0460 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 1.0735 1.0675 1.0555 1.0500 1.0460

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Resistance 1.0840 1.0890 1.0935 1.1000 1.1050

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0675 targeting 1.0840 and stop loss below 1.0555, might be appropriate.

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CAD

The pair strongly dropped last week as bearish correction for the last bullish wave, which represents the completion of the right shoulder of the inverse head & shoulder pattern, shown in the daily chart. This pattern's formation makes us expect a bullish trend for this week; targeting the neckline at 1.0785 then 1.0960. Keep in mind that achieving the daily close below 1.0410 will make expectations for the awaited bullish direction fail.

The trading range for today is among the key support at 1.0300 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 1.0495 1.0410 1.0355 1.0270 1.0220

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Resistance 1.0560 1.0645 1.0700 1.0785 1.0865

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0410 targeting 1.0625 and stop loss below 1.0270, might be appropriate.