*** Weekly Technical Analysis

EURO

The pair was able to insure a breach of the neckline at 1.2470 to activate the bullish technical pattern shown in our previous reports, where it succeeded in surpassing resistance for the main bearish channel shown above. The pair is presently facing a hard time in breaching 38.2% Fibonacci correctional levels , while negative signs appear on momentum indicators; therefore, we could witness some fluctuation and retesting action for the previously broken neckline before heading toward achieving more bearish overall direction this week. The awaited technical targets will start at 1.2780 then 1.3000, but keep in mind that the breach of 1.2375 holds the keys that will make the suggested bullish trend fail.

The trading range for today is among the key support at 1.2300 and the key resistance at 1.3000.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Support 1.2470 1.2400 1.2370 1.2300 1.2270

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Resistance 1.2565 1.2600 1.2670 1.2700 1.2745

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.2470 targeting 1.2670 and stop loss below 1.2370, might be appropriate.

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GBP

The pair continues its bullish trend nearing key resistance currently around 1.5270, although 76.4% Fibonacci correctional level is impeding achieving more upside movement. Momentum indicators are showing negative signs, where we expect the pair to achieve some minor bearish activity to gather some bullish momentum that will assist the pair resume trading within the ascending short term channel, then attack the mentioned key resistance level. We expect a bullish trend this week that will resume chiefly the breach of 1.5270 that will pave the way towards 1.5500. Keep in mind the importance of building a base above 1.5010 to insure that these expectations prevail.

The trading range for today is among the key support at 1.5010 and the key resistance at 1.5500.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.

Support 1.5130 1.5050 1.5010 1.4980 1.4925

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Resistance 1.5195 1.5230 1.5270 1.5310 1.5370

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.5130 targeting 1.5370 and stop loss below 1.5010, might be appropriate.

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JPY

Support level of 87.00 was able to stop the last bearish wave for the pair, where this level that has strongly been activated after breaching support for the bullish channel, shown above, in addition to the horizontal support around 88.40. Currently, trading is between both ends of the inverted triangle pattern that targets resuming the bearish trend, not before we witness some fluctuation due to the positive momentum appearing on the intraday timeframe. In overall, we can expect a bearish intraday trend that mainly targets 76.40 then 84.75. Keep in mind that the breach of 88.40 and stabilizing above it could postpone achieving these targets and lead to retesting support for the previously breached bullish channel that has currently turned into resistance at 89.40.

The trading range for today is among the key support at 84.75 and the key resistance at 89.40.

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

Support 87.30 86.90 86.40 85.80 85.35

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Resistance 88.40 88.95 89.40 89.70 90.20

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 88.40 targeting 86.40 and stop loss above 89.40, might be appropriate.

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CHF

The pair continued its volatile bearish direction within the last descending short term channel, where it was able to recently touch this channel’s support and therefore we can expect some minor bullish movement to attempt to bullishly correct before resuming the bearish trend over weekly basis; requiring stable trading below 1.0785 as targets are around 1.0425 then 1.0290. The stochastic is nearing overbought areas and supporting expectations of a bearish direction.

The trading range for today is among the key support at 1.0290 and the key resistance at 1.0865.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.

Support 1.0575 1.0495 1.0425 1.0380 1.0350

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Resistance 1.0705 1.0785 1.0835 1.0880 1.0925

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0705 targeting 1.0495 and stop loss above 1.0835, might be appropriate.

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CAD

The pair halted its ascended once again at 76.4% Fibonacci correction to form the second identical top for the seventh top recorded last month, accompanied by momentum indicators entering overbought areas; thus we hold onto our weekly bearish trend expectations as its targets start at 1.0405 then 1.0300. The breach of 1.0680 will weaken chances of achieving the expected bearish trend scenario.

The trading range for today is among the key support at 1.0240 and the key resistance at 1.0850.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Support 1.0550 1.0470 1.0405 1.0350 1.0305

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Resistance 1.0640 1.0680 1.0740 1.0825 1.0895

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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0550 targeting 1.0405 and stop loss above 1.0640, might be appropriate.