*** Weekly Technical Analysis

EURO

The pair achieved that awaited primary targets around 1.2900 after insuring the bullish technical pattern shown previously, while momentum indicators have entered overbought areas; where we expect some fluctuation and a slant towards some minor bearish correction to rid of this negative momentum. In overall, we can expect a bullish week due to the affect of building a base above the MA 50, alongside the bullish technical pattern that have not been achieved yet. We point to some chances of the awaited bullish trend to be achieved; requiring stability above 1.2770.

The trading range for today is among the key support at 1.2670 and the key resistance at 1.3145.

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

Support 1.2830 1.2770 1.2730 1.2675 1.2625

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Resistance 1.2900 1.2950 1.3000 1.3090 1.3145

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.2830 targeting 1.3000 and stop loss below 1.2745, might be appropriate.

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GBP

The pair continued its bullish pressure where it managed to initially breach resistance for the bearish short term direction, alongside SMA 50 shown through the chart above. In return, we find that momentum indicators are giving off overbought signs that may negatively pressure the pair to attempt to retest it and reverse to the downside. From here, we recommend observing trading today, specifically the daily closing for the breached resistance level at 1.5440 that holds the keys for insuring the upcoming intraday direction.

The trading range for today is among the key support at 1.5230 and the key resistance at 1.5700.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.

Support 1.5440 1.5385 1.5320 1.5295 1.5230

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Resistance 1.5500 1.5555 1.5585 1.5650 1.5700

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Recommendation Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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JPY

The pair touched resistance for the bearish short term channel and reversed to the downside quickly maintaining the previously suggested bearish scenario intact. By returning below SMA 50, we expect a bearish intraday direction that targets initially support for this bearish channel around 82.65; whereas it requires the daily closing below 85.15 to prevail.

The trading range for today is among the key support at 81.60 and the key resistance at 86.00.

The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.

Support 83.85 83.30 82.65 82.00 81.60

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Resistance 84.85 85.15 85.90 86.35 86.90

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 84.85 targeting 82.65 and stop loss above 86.00, might be appropriate.

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CHF

The pair attempted to ascend last Friday, although SMA 50 stood as a strong barrier in front of the upside movement; supported by the negativity of momentum indicators, the pair declined to breach the minor bullish channel that carried the pair’s ascend in the past few days. This we think will push the pair towards achieving more bearish movement this week, which initially targets support for the current bearish channel at 1.0010. We point out that the expected bearish direction will remain intact as long as stability below 1.0270.

The trading range for today is among the key support at 0.9915 and the key resistance at 1.0300.

The short term trend is to the upside as far as 1.0010 remains intact with targets at 1.1120.

Support 1.0105 1.0075 1.0010 0.9960 0.9915

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Resistance 1.0150 1.0205 1.0255 1.0305 1.0365

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0205 targeting 1.0060 and stop loss above 1.0300, might be appropriate.

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CAD

The pair succeeded in achieving the awaited bearish trend, alongside strongly breaching support for the bullish channel appearing through the image above, which is currently turning into resistance at 1.0420. We expect the pair to head towards retesting this level due to the positive affect appearing through the four hour chart, before heading towards the expected bearish trend this week. The technical targets start at 1.0245, keeping in mind the importance of the daily closing stabilizing below 1.0505 to maintain chances of achieving expectations.

The trading range for today is among the key support at 1.0130 and the key resistance at 1.0570.

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

Support 1.0340 1.0315 1.0245 1.0190 1.0135

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Resistance 1.0420 1.0455 1.0505 1.0565 1.0595

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0420 targeting 1.0245 and stop loss above 1.0505, might be appropriate.