*** Weekly Technical Analysis

EURO

The pair continued its bullish movement breaching the neckline for the bullish technical pattern at 1.3330, where this breach encourages us to expect a bullish trend in overall trading for this week. SMA 50 supports these expectations that are pushing the pair from the bottom. Momentum indicators are showing overbought signs that might force the pair to retest the neckline before heading towards the expected targets at 1.3660. Note that a daily closing above 1.3330 will maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.3170 and the key resistance at 1.3820.

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

Support 1.3400 1.3330 1.3245 1.3200 1.3170

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Resistance 1.3505 1.3580 1.3660 1.3700 1.3765

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.3330 targeting 1.3660 and stop loss below 1.3170, might be appropriate.

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GBP

Cable closed last week above neckline 1.5725, thus insuring that the bullish short term wave’s continuation; however, 61.8% Fibonacci correction stands as a vital barrier that will impede the pair’s ascend. The negativity of momentum indicators could pressure the pair towards a minor bearish correction that would retest the mentioned neckline before resuming the bullish trend for this week; targeting 1.6070 then 1.6255. Note that the breach of 1.5725 and building a base below it will weaken chances of the suggested bullish trend.

The trading range for today is among the key support at 1.5595 and the key resistance at 1.6255.

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

Support 1.5785 1.5725 1.5645 0.5605 1.5560

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Resistance 1.5870 1.5930 1.5960 1.6025 1.6070

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.5725 targeting 1.5960 and stop loss below 1.5595, might be appropriate.

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JPY

The pair is trading near resistance for the previously breached downside channel that has currently turned into support at 84.00, accompanied by stochastic entering oversold areas. Thereby, a bullish trend is expected this week that will stabilize on the mentioned support level and head towards 86.00 then 87.35 as initial targets. This scenario requires the closing to remain above 84.00.

The trading range for today is among the key support at 83.00 and the key resistance at 87.35.

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

Support 84.00 83.45 83.00 82.40 82.00

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Resistance 84.40 85.20 85.95 86.25 86.90

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 84.00 targeting 85.95 and stop loss below 83.00, might be appropriate.

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CHF

The pair touched support for the descending channel that controls the pair’s trading pattern since the middle of last month August, while a falling wedge pattern is appearing and is expected to head towards resistance for this downside channel at 1.0090. Momentum indicators are showing crossover signs, thus causing mixed trading until the short trend is decided. Initially, we can expect some bullish movement this week towards mentioned resistance, followed by resuming the bearish short term direction. We recommend a follow up on our daily reports to insure the intraday direction more precisely.

The trading range for today is among the key support at 0.9630 and the key resistance at 1.0090.

The short term trend is to the upside as far as 0.9775 remains intact with targets at 1.1120.

Support 0.9820 0.9775 0.9700 0.9630 0.9600

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Resistance 0.9865 0.9955 1.0025 1.0090 1.0145

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 0.9880 targeting 1.0090 and stop loss below 0.9775, might be appropriate.

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CAD

The trading range for today is among the key support at 0.9630 and the key resistance at 1.0090.

The short term trend is to the upside as far as 0.9775 remains intact with targets at 1.1120.

Support 0.9820 0.9775 0.9700 0.9630 0.9600

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Resistance 0.9865 0.9955 1.0025 1.0090 1.0145

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 0.9880 targeting 1.0090 and stop loss below 0.9775, might be appropriate.