*** Weekly Technical Analysis

EURO

The pair continued its bearish pressure due to the ascending channel that organizes trading for the short term wave that made it possible for the pair to breach the bearish medium term direction seen on the image above. The clear negative effect of momentum indicators is evident, where we expect to touch support for support for the short term channel at 1.3390, followed by a rebound that will carry the pair towards achieving the bullish direction for this week; targets start at 1.3665. The daily closing below 1.3335 could mean that the scenario of a continuous bullish short term wave has failed.

The trading range for today is among the key support at 1.3280 and the key resistance at 1.3850.

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

Support 1.3390 1.3335 1.3275 1.3240 1.3195

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Resistance 1.3495 1.3585 1.3665 1.3700 1.3730

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Recommendation Based on the charts and explanations above our opinion is buying the pair at 1.3390 targeting 1.3665 and stop loss below 1.3275, might be appropriate.

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GBP

The pair managed to achieve the support for the rising wedge through the price gap that has been achieved with opening trades this week. This current bearish movement will remain intact within the bearish correction formation, where we expect it to not surpass 1.5250 or 1.5165 as a maximum limit. Following it is a reversal that will cover the gap mentioned. From here, we expect a bullish trend for this week as its first targets is to attack 1.5385 in an attempt to breach it and head towards 1.5555. The suggested scenario will remain intact as long as the daily closing remains above 1.5075.

The trading range for today is among the key support at 1.5075 and the key resistance at 1.5555.

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

Support 1.5250 1.5165 1.5075 1.4990 1.4925

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Resistance 1.5320 1.5385 1.5455 1.5500 1.5555

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5165 targeting 1.5385 and stop loss below 1.5075, might be appropriate.

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JPY

The pair is close to retesting breached resistance that has currently turned into support at 91.35. The MA 200 is forming strong support in front of the pair; whereas momentum indicators are near to entering oversold areas. These signs make us expect a bullish trend for this week; targeting 94.70 then 95.55. It is vital that 90.90 remain intact for these expectations to prevail.

The trading range for today is among the key support at 89.70 and the key resistance at 95.55.

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

Support 92.00 91.35 90.90 90.45 90.05

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Resistance 92.35 92.90 93.35 94.00 94.70

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 91.35 target 93.35 and stop loss below 90.05, might be appropriate.

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CHF

The pair is currently touching 1.0655 – covering the price gap that had been achieved in the beginning of that week – after a temporary breach of resistance fir the descending channel shown in the image above. We consider this ascend is a temporary bullish correction for the last bearish wave; therefore we await a bearish reversal, where the pair can resume through it the expected bearish trend for this week. The pair first mission is the clear breach of 1.0590 then heading towards 1.0400. Keep in mind that any stability above 1.0715 means that there is a possible reversal in the short term direction.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.0840.

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

Support 1.0590 1.0550 1.0485 1.0425 1.0350

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Resistance 1.0655 1.0685 1.0715 1.0745 1.0795

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0590 targeting 1.0400 and stop loss above 1.0715, might be appropriate

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CAD

Due to the effect of the bullish technical pattern, the pair has breached pivotal resistance 1.0060 to head towards retesting resistance between 1.0200 – 1.0230, which protects the current bearish short term direction. Momentum indicators are showing negative signs that encourage us to expect a bearish trend for this week; targeting 1.0060 initially, then 0.9975followed by 0.9865. Keep in mind that remaining above mentioned resistance will open a way for the short term direction to transform into a bullish one.

The trading range for today is among the key support at 0.9865 and the key resistance at 1.0320.

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

Support 1.0060 0.9975 0.9900 0.9865 0.9805

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Resistance 1.0200 1.0230 1.0320 1.0365 1.0445

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0200 targeting 1.0060 and stop loss above 1.0320, might be appropriate.