*** Weekly Technical Analysis

EURO

The pair on the daily chart above shows that it has rebounded from 50% around 1.2600, while in the meantime we see that trading is above 38.2%. Stochastic is showing a positive crossover and RSI also is positively trading. Furthermore, the image highlights the suggested movement points for the waves. According to the Elliott theory, all the mentioned above highlights the possibility of a bullish direction throughout the pair’s trading on a weekly basis, where it extends to the upside over an intraday basis; whereas the breach of 1.2915 could be the cause behind the volatile bullish wave.

The trading range for today is among the key support at 1.2480 and the key resistance at 1.3080.

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

Support 1.2775 1.2730 1.2680 1.2600 1.2545

Resistance 1.2830 1.2885 1.2915 1.2975 1.3010

Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.2775 targeting 1.3080 and stop loss below 1.2630, might be appropriate.

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GBP

The pair has moved according to the Elliott wave count, where the possibility of a complete bearish wave correction ending after building a base above 38.2% for the bullish trend, shown above. However, this is the only positive count where we will use it this week to insure the expected scenario is achieved. According to this count, building a base above the mentioned correction at 1.5325 could be behind the bullish trend we may witness throughout trading this week. It is vital that a base be built above SMA 20 and 50, in addition to the positive rebounds on the technical momentums, so expectations may prevail.

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 1.5385 1.5325 1.5230 1.5180 1.5125

Resistance 1.5465 1.5500 1.5555 1.5585 1.5650

Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.5405 targeting 1.5650 and stop loss below 1.5325, might be appropriate.

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JPY

The pair’s numerous attempts to cause the harmonic pattern to fail, shown in the image above, have failed and we are not able to witness a clear base built below 83.85, where support has formed at 83.50 insures that harmonic pattern is correct. Meanwhile, we await for the harmonic formation to be insured by breaching 84.90, where a bullish trend could form through the pair’s trading this week that would retest levels around 84.05; representing the first target for the pattern. This target is a 38.2% correction and is a part of the CD leg; RSI seems to show a bullish rebound that will insure our expectations, requiring a base built above 83.85 – 83.50.

The trading range for today is among the key support at 81.60 and the key resistance at 85.00.

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 83.00 82.40 82.00

Resistance 84.75 84.90 85.20 85.90 86.35

Recommendation Based on the charts and explanations above our opinion is buying the pair around 84.00 targeting 87.05 and stop loss below 83.30, might be appropriate.

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CHF

The pair is still forming within the harmonic formation, where the completion of this pattern requires key support from bottom of point X towards point B, where this support throughout this week is around 1.0045. The breach of this level could cause a bearish movement touching the bottom of point B at 0.9915 then 0.9900; forming the first possible reversal point. Any trading below 1.0385 on an intraday basis will maintain the suggested bearish trend intact, shown on the minor chart above.

The trading range for today is among the key support at 0.9900 and the key resistance at 1.0420.

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

Support 1.0125 1.0125 1.0010 0.9935 0.9900

Resistance 1.0195 1.0265 1.0305 1.0385 1.0420

Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0195 targeting 0.9900 and stop loss above 1.0265, might be appropriate.

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CAD

The bearish harmonic pattern has completed formation on the pair, where it was able to achieve the first and second awaited target for this formation; however, the pair was able to resume the breach of support taken from point A towards point C and thus suggests testing the bottom level at point C around 1.0245. Meanwhile, we may witness the bearish trend extending towards 127% correction level that is a part of the CD leg. We expect the bearish trend to effect the pair’s trading this week, due to the support of the negative crossover appearing through stochastic.

The trading range for today is among the key support at 0.9910 and the key resistance at 1.0565.

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

Previous Report

Support 1.0285 1.0245 1.0190 1.0130 1.0105

Resistance 1.0365 1.0405 1.0465 1.0505 1.0565

Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0365 targeting 1.0130 and stop loss above 1.0465, might be appropriate.