*** Weekly Technical Analysis

EURO

The pair as seen in the image above is moving within the same overall bearish direction. At the same time we find that the pair was not able to achieve any daily close below 61.8% correctional level – for the bullish correctional wave that started from the 4th of March 2009 and ended on the 26th of October 2009 – that is at 1.3485. Chances of achieving a bullish correctional trend remain intact for this week to complete the suggested scenario in last week's report and form a bullish trend. The stability if trading above MA 20 increases insurances regarding the bullish direction. In order for the bullish correctional wave to prevail requires the breach of 1.3815; whereas the ADX indicatoris giving off signs of a bullish direction; meanwhile the RSI is showing a bullish trend; the stochastic, however, stabilized above 50 with some slant in order to complete several bearish corrections.

The trading range for today is among the key support at 1.3200 and the key resistance at 1.3960.

The general trend is to the upside if we do not witness a daily close below 1.3480 with targets at 1.6000.

Support 1.3625 1.3585 1.3525 1.3485 1.3425

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Resistance 1.3720 1.3815 1.3890 1.3960 1.4055

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3650 targeting 1.3960 and stop loss below 1.3425, might be appropriate.

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GBP

Despite of the numerous bearish technical signs appearing, we maintain our expectations of a bearish direction continuing as suggested in report last week. On the daily chart above there seems to be some bullish rebound appearing on momentum indicators, accompanied by a bullish rebound from levels around 1.4860 without the daily close below it (this level is 61.8% correction from the bullish wave that has started in December 2009). Therefore, we expect a bullish direction that might effect trading this week, while depending on forming a bullish harmonic technical pattern alongside stabilizing above 61.8%, which represents the 161.8% extension from AB in our harmonic pattern.

The trading range for today is among the key support at 1.4710 and the key resistance at 1.5615.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Support 1.5125 1.5065 1.4950 1.4860 1.4710

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Resistance 1.5190 1.5280 1.5385 1.5420 1.5615

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5095 targeting 1.5385 and stop loss below 1.4920, might be appropriate.

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JPY

The pair was pushed by 88.60 into a bullish wave that had managed to achieve through it our suggested target last Friday. Currently, we see that there is volatile resistance that the bullish wave is facing, where the pair still remains within the descending channel, shown in the image above. The negative MA's maintain trading at 50 and 20, as well as the RSI is approaching vital resistance. This makes us expect trading to remain below 91.50, with a chance of a bearish trend remaining intact. The breach of 88.60 to the downside will create a sharp bearish direction.

The trading range for today is among the key support at 86.40 and the key resistance at 93.15.

The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Support 89.80 89.00 88.60 88.20 87.75

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Resistance 90.65 91.10 91.50 92.20 92.80

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 90.65 target 87.75 and stop loss above 92.20, might be appropriate.

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CHF

The pair is nearing strong resistance at 1.0875 but managed to fail at building a base above MA 20 at 1.0750, showing a bearish candlestick formation in the side image, accompanied by bearish reversal on momentum indicators; whereas the ADX is showing the start of a possible bearish trend. Due to these technical facts and as long as trading remains below key resistance mentioned above, we expect a bearish trend this week.

The trading range for today is among the key support at 1.0310 and the key resistance at 1.1000.

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

Support 1.0645 1.0595 1.0505 1.0415 1.0310

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Resistance 1.0750 1.0810 1.0875 1.0945 1.1000

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0750 targeting 1.0505 and stop loss above 1.0875, might be appropriate.

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CAD

The trading range for today is among the key support at 1.0310 and the key resistance at 1.1000.

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

Support 1.0645 1.0595 1.0505 1.0415 1.0310

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Resistance 1.0750 1.0810 1.0875 1.0945 1.1000

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0750 targeting 1.0505 and stop loss above 1.0875, might be appropriate.