*** Weekly Technical Analysis

EURO

Throughout last week's trading the pair failed in stabilizing above 1.3805, represented in the 50% correction shown above, thus making it return this week to retest 61.8% correction levels at 1.3480 – 1.3490. A bearish crossover sign is appearing on the MA's; whereas the ADX is showing a stable bearish trend. The breach of 61.8% correction this week could cause a bearish direction that targets 76.4% correction near 1.3100. The suggested count for the Elliott waves in the image appearing in the weekly chart above, insure our expectations of a daily closing below 1.3480 to insure the scenario. The signal is showing a suggested count for the waves, where it represents one of the IM scenarios with fewer targets; however, if more bearish direction targets are proved it will readjust to the upcoming scenario.

The trading range for today is among the key support at 1.3285 and the key resistance at 1.3730.

The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.5150.

Support 1.3480 1.3430 1.3360 1.3285 1.3100

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Resistance 1.3570 1.3635 1.3685 1.3730 1.3800

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.3570 targeting 1.3100 and stop loss above 1.3800, might be appropriate.

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GBP

The pair failed in stabilizing above 50% correctional level last week at 1.5270, entering into a volatile bearish wave to retest 61.8% correction at 1.4860. The negative pressures on the pair continue; whereas the RSI on the weekly chart is in a bearish direction attempting to breach the 30 points to the downside. The bearish wave formation that has started on October 2009 and forming an IM impulsive wave and one of the suggested scenarios with the least obvious targets in the image above; giving us a possible bearish trend that will insured with the breach of 1.4860 to the downside and therefore paving the way for more bearish movement towards 76.4% correction at 1.4345.

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 if we do not witness a daily close below 1.4850 with targets at 1.7000.

Support 1.4860 1.4815 1.4765 1.4630 1.4535

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Resistance 1.4990 1.5060 1.5130 1.5225 1.5270

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.5060 targeting 1.4765 and stop loss above 1.5225, might be appropriate.

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JPY

The pair continued trading in sideways manner since the fifth of March, despite of any trading below 92.15 which will maintain the bearish direction intact. Meanwhile, stabilizing below 89.60 failed and will stay on sideway trading as is and attempt to achieve the ongoing bullish direction. From here, we hold onto the neutral stance throughout this week. We recommend following up with the daily report and keeping up with the pair's movement towards 92.15 and 89.60.

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 upside if we do not witness a daily close below 101.65 with targets at 82.60.

Support 89.80 89.00 88.60 88.20 87.75

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Resistance 90.90 91.10 91.50 92.20 92.80

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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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CHF

By observing the daily chart above and using the harmonic technical pattern, we see that the pair has currently stabilized on 50% of the CD leg pattern for the harmonic technical pattern shown above. Trading has returned to above the MA 20 and might retest the 23.6% correction level at 1.0695 then 1.0720 in a row. We will not rule out retesting levels around vital resistance at 1.0835. The expected bullish direction for this week will prevail is trading remains above the MA 50 and weekly closing.

The trading range for today is among the key support at 1.0360 and the key resistance at 1.0880.

The general trend is to the upside if we do not witness a daily close below 1.1225 with targets at 0.9600.

Support 1.0600 1.0520 1.0495 1.0435 1.0360

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Resistance 1.0695 1.0720 1.0790 1.0835 1.0880

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0600 targeting 1.0835 and stop loss below 1.0500, might be appropriate.

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CAD

The harmonic l formation seems to be appearing on the weekly chart above, where a possible PRZ reversal is achieved at 1.0055 as any trading above the psychological barrier 1.0000 will maintain the expected bullish direction that will occur this week intact; targets start at 38.2% correction then 50% at 1.0365, in case the bullish correction prevails we may witness reaching 1.0435 represented in 61.8% correction. These corrections make up the suggested CD leg corrections.

The trading range for today is among the key support at 0.9930 and the key resistance at 1.0565.

The general trend is to the upside if we do not witness a daily close below 1.1870 with targets at 1.0000.

Support 1.0135 1.0055 1.0000 0.9930 0.9865

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Resistance 1.0290 1.0365 1.0435 1.0480 1.0510

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0135 targeting 1.0435 and stop loss below 1.0000, might be appropriate.