*** Weekly Technical Analysis

EURO

The pair continued trading above key resistance for the bullish trend shown in the image above proving that it is initially in the third wave within the clear wave formation, according to the Elliott theory. Momentum indicators are giving off sharp overbought signs that may cause major fluctuations, although being able to stabilize above 1.3840 will maintain the chance of continuing the bullish trend intact. The breach of 1.4060 will pave the way for the pair to achieve the retest of 1.4250.

The trading range for today is among the key support at 1.3710 and the key resistance at 1.4250.

The short term trend is to the downside as far as 1.3140 remains intact with targets at 1.5135.

Support 1.3915 1.3880 1.3840 1.3775 1.3710

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Resistance 1.4000 1.4060 1.4165 1.4200 1.4250

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.3880 targeting 1.4250 and stop loss below 1.3775, might be appropriate

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GBP

The cable on several occasions attempted to breach 1.5965 closing above it, but till now we still witness momentum indicators negatively pressuring the pair. In despite of that the suggested wave formation, alongside the MA 50 and 50 support chances of continuing the bullish direction this week; any trading above the key bullish support level will maintain the overall upside direction. The daily interval is above 1.5965 and might be able to launch a bullish wave that would touch 1.6425 through it, as the lowest target for the third wave formation within the wave shown in the image above.

The trading range for today is among the key support at 1.5230 and the key resistance at 1.6425.

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

Support 1.5880 1.5800 1.5775 1.5700 1.5645

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Resistance 1.5965 1.6070 1.6100 1.6150 1.6235

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Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.5880 targeting 1.6235 and stop loss below 1.5775, might be appropriate.

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JPY

The pair’s numerous attempts to stabilize above 83.85 have failed and thereby thrusting it to retest low levels. The descending channel organizes the pair’s trading flawlessly, while the MA formations and ADX are bearish proving the ongoing effect of oversold signs that will cause major fluctuation. In the meantime, any trading below 83.00 – 83.85 will maintain the bearish trend intact in the upcoming period. Note that the breach of 84.45 could cause a strong thrust to the upside, where this level is the descending channel’s key resistance level.

The trading range for today is among the key support at 76.60 and the key resistance at 85.20.

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

Support 81.60 81.35 80.80 80.00 79.60

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Resistance 83.00 83.85 84.00 84.45 84.75

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 83.00 targeting 81.35 and stop loss above 84.00, might be appropriate.

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CHF

The harmonic pair pointed out in earlier reports are still in effect, where the pair is near to resuming the first expected reversal at 0.9445 since breaching this level could pave the way for more bearish movement over the midterm basis. Some major fluctuation could be witnessed in trading due to the overbought signs appearing on the RSI. Note that a base must be built below 0.9590 to cancel out some bullish rebounds over an intraday basis, which could cause some bullish correction although we expect that it is able to change its overall direction to for the pair to become bearish.

The trading range for today is among the key support at 0.9385 and the key resistance at 0.9935.

The short term trend is to the upside as far as 1.0235 remains intact with targets at 0.8000.

Support 0.9590 0.9500 0.9445 0.9400 0.9385

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Resistance 0.9700 0.9745 0.9800 0.9845 0.9935

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 0.9700 targeting 0.9445 and stop loss above 0.9845, might be appropriate.

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CAD

Trading stabilized below 1.0175, where the pair has exited the sideway direction that it had entered since the fifth of May; thus providing the possibility of more bearish trading, where we are currently under the affect of the bearish technical pattern that may cause a retest of 0.9980 at least. It is vital that trading stabilizes below 1.0175 to maintain the bearish trend intact.

The trading range for today is among the key support at 0.9860 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.

Support 1.0040 1.0000 0.9980 0.9925 0.9880

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Resistance 1.0175 1.0215 1.0265 1.0345 1.0380

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0175 targeting 0.9980 and stop loss above 1.0265, might be appropriate.