*** Weekly Technical Analysis

EURO

The pair is facing a hard time in breaching resistance for the main descending channel around 1.3565 presently. The image above shows how trading is trapped between resistance and pivotal support of 1.3480. Momentum indicators are showing negative signs, while the ascending channel is pushing to breach resistance. From here, we recommend following up on our daily reports and observe the pair's behavior according to mentioned levels; where expectations point to the breach of 1.3565, which will pave the way towards targeting 1.3685 then 1.3800.

The trading range for today is among the key support at 1.3340 and the key resistance at 1.3800.

The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450.

Support 1.3480 1.3405 1.3380 1.3340 1.3270

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Resistance 1.3565 1.3600 1.3670 1.3730 1.3765

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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

Cable has been able to build a strong base at 1.5170 after insuring the completion of the bullish technical pattern shown above, which was detailed in our daily reports last week. Some expected bearish correction that will retest mentioned support above due to the clear negative signs appearing on momentum indicators, followed by a reversal the pair will achieve through it the expected bullish direction for this week; targeting first resistance 1.5380 then towards 1.5615. Keep in mind that these expectations essentially require the weekly close to remain above 1.5100 to prevail.

The trading range for today is among the key support at 1.4990 and the key resistance at 1.5615.

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

Support 1.5170 1.5125 1.5050 1.4990 1.4925

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Resistance 1.5295 1.5380 1.5475 1.5525 1.5555

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5170 targeting 1.5380 and stop the four hour loss below 1.5050, might be appropriate.

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JPY

The pair strongly pushed to the upside breaching pivotal resistance at 93.75, which forms the neckline for the bullish technical pattern appearing above. The negative momentum on the pair is expected to lead to some fluctuation and minor bearish correction to retest the mentioned neckline, and then resume the expected bullish direction for this week; key targets are around 97.15. Keep in mind that the breach of 94.80 will help the expected bullish movement gain speed; whereas any close below 93.75 could postpone the awaited bullish trend.

The trading range for today is among the key support at 91.70 and the key resistance at 97.15.

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

Support 93.75 93.00 92.30 91.85 91.50

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Resistance 94.80 95.65 96.00 96.35 96.85

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 93.75 target 94.80 and stop loss below 93.00, might be appropriate.

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CHF

The image above shows that the descending channel that controls short term trading is driving the pair to maneuver around pivotal support 1.0585 – the previously breached neckline -. The Fibonacci correctional level of 61.8% in addition to MA 100 will prevail due to support from the pair pushing it upwards. We expect the descending channel mentioned to add some pressure on the pair; therefore, we expect a bearish short term direction for this week that will start when 1.0515 is breached and head towards 1.0385 then 1.0310. The breach of 1.0685 and remaining above it will weaken chances of achieving the suggested scenario.

The trading range for today is among the key support at 1.0310 and the key resistance at 1.0795.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Support 1.0585 1.0515 1.0425 1.0385 1.0310

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Resistance 1.0645 1.0685 1.0745 1.0795 1.0840

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0515 targeting 1.0385 and stop loss above 1.0605, might be appropriate.

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CAD

The descending short term channel will continue its effect on the pair that is currently facing pivotal horizontal support around 1.0060; forming the neckline for the bearish technical pattern. This pattern encourages us to expect more possible bearish movement over a short term weekly basis; targeting 1.0000 followed by 0.9950 then 0.9865. MA 100 supports the bearish direction, which maintains trading intact below 1.0150.

The trading range for today is among the key support at 0.9865 and the key resistance at 1.0210.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.

Support 1.0060 1.0000 0.9950 0.9865 0.9805

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Resistance 1.0125 1.0150 1.0210 1.0290 1.0335

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0060 targeting 0.9950 and stop loss above 1.0150, might be appropriate.