*** Weekly Technical Analysis

EURO

The pair opened trading with a price gap that points to more expected bullish correction, which was also expected in last Friday's reports. Momentum indicators support achieving more bullish correction that we think will touch resistance for the descending channel at 1.3090 before determining the short term direction. We recommend observing future trading; especially the pair's movement if it reaches mentioned resistance since building a base below it will maintain the current bearish wave intact. Meanwhile, a clear breach and closing above it will lead to further upside movement towards 1.3395 at least.

The trading range for today is among the key support at 1.2615 and the key resistance at 1.3260.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.2450.

Support 1.2860 1.2810 1.2730 1.2700 1.2655

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Resistance 1.2970 1.3000 1.3090 1.3165 1.3190

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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

After achieving the bearish technical targets shown above, the pair will rebound to attempt to bullishly correct and near 23.6% Fibonacci at 1.5035. Momentum indicators are showing bullish signs that encourage us to expect a bullish correction this week, where its targets are at 1.5035 and might extend to 1.5205. Keep in mind that if the daily closing is below 1.4800 it will cancel out the need for any bullish correction so the pair may resume the bearish short term trend.

The trading range for today is among the key support at 1.4480 and the key resistance at 1.5205.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.4000.

Support 1.4825 1.4800 1.4756 1.4690 1.4640

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Resistance 1.4950 1.4980 1.5035 1.5075 1.5160

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4825 targeting 1.5035 and stop loss below 1.4756, might be appropriate.

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JPY

Despite of the volatile descend the pair achieved last week, the daily closing managed to remain above the breached resistance level for the previous descending channel as trading remains within the ascending channel shown above. Positive momentum signs and the previously mentioned ascending channel are vital factors that make us expect a bullish direction for this week; targeting 94.00 then 95.60 that requires the daily closing to remain above 90.75 to prevail.

The trading range for today is among the key support at 90.75 and the key resistance at 95.60.

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

Support 92.15 91.45 90.75 90.45 90.05

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Resistance 93.00 93.55 94.00 94.80 95.15

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 92.15 target 94.00 and stop loss below 91.35, might be appropriate.

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CHF

The pair continues trading naturally within the ascending channel that appears above, where it bearishly reversed after touching this channel's resistance level to attempt a bearish correction for the last sharp bullish wave. The bearish technical pattern that is appearing through the four hour chart, where its neckline is at 1.1015 and encourages us to expect a bearish trend for this week; targeting 1.0875 then 1.0785. Keep in mind that the breach of 1.1140 will push the pair to the upside to resume the bullish short term direction.

The trading range for today is among the key support at 1.0785 and the key resistance at 1.1290.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.

Support 1.1015 1.0985 1.0925 1.0875 1.0840

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Resistance 1.1075 1.1140 1.1185 1.1230 1.1290

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.1015 targeting 1.0875 and stop loss above 1.1140, might be appropriate.

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CAD

The pair opened trading with a bearish price gap that placed it below resistance for the previously broken key descending channel, where there is additional negative pressure coming from momentum indicators and trading below MA 100. We expect more bearish correction for this week, where its targets start at 1.0240 then 1.0120. Keep in mind the importance of the daily close remaining above 1.0365 will make the expected bearish correction scenario to fail and lead it to continue the new bullish direction that the price has started since recording the bottom level 0.9927.

The trading range for today is among the key support at 1.0100 and the key resistance at 1.0600.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.

Support 1.0240 1.0210 1.0175 1.0120 1.0045

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Resistance 1.0365 1.0445 1.0520 1.0600 1.0660

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0365 targeting 1.0120 and stop loss above 1.0520, might be appropriate.