*** Weekly Technical Analysis

EURO

We see in the above image that the trend is to the upside within a channel with a key support residing at the 100 SMA on the four hour charts at 1.3910 yet we believe that the pair is to decline this week to target the 38.2% correction at 1.3785 as technical indicators support the downside direction alongside the bearish technical pattern. The decline for the week remains as far as 1.4120 remains intact with targets at 1.4120 (the neckline for the technical pattern).

The trading range for the week is among the key support at 1.3440 and the key resistance at 1.4415

Support 1.3910 1.3840 1.3735 1.3675 1.3610

Resistance 1.3990 1.4120 1.4165 1.4240 1.4330

Recommendation According to our analysis, we believe the pair is to gather bearish momentum from 1.3840 with targets at 1.3785 and 1.3675 yet if trading reverses to maintain levels above 1.4120, our downside movements become invalid.

Weekly Technical Analysis June-08-2009

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GBP

The pair declined heavily last weekly to end the day with a bearish candlestick structure as seen in the secondary image. We expect the pair to breach the ascending channel to the downside to reach the 38.2% correction at 1.5520 yet the pair is currently trading in an oversold area on the four hour charts as it trades near the 23.6% at 1.5960 which may result in high volatility this week. This downside direction will continue as far as 1.6210 remains intact on the four hour charts.

The trading range for the week is among the key support at 1.5440 and the key resistance at 1.6410

Support 1.5950 1.5800 1.5770 1.5630 1.5520

Resistance 1.6055 1.6130 1.6210 1.6375 1.6410

Recommendation According to our analysis, we believe the pair is to gather bearish momentum between 1.6000 and 1.6055 with targets at 1.5545 yet if trading reverses to maintain levels above 1.6210, the downside direction becomes invalid.

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JPY

Looking closer at the above chart, we see the pair has exit the minor descending channel and as attempting to retest the 99.10 key support for the previously breached ascending channel where reaching levels as high as 99.40 – 99.80 are the targets this week. At the same time we can't confirm the upside direction which forces us to advise to avoid trading this week until we can confirm a trend where maintaining levels above 99.40 will open the way for the pair towards 101.00 at the very least however trading below 98.00 will result in a decline back to the downside.

The trading range for the week is among the key support at 94.25 and the key resistance at 102.1

Support 98.00 97.25 96.40 96.00 95.30

Resistance 99.20 99.80 100.40 101.00 101.70

Recommendation We advise to avoid trading this week and to follow the daily chart for a clear trend

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CHF

By the end of the week, the pair reversed to the downside from the key resistance for the downside channel yet we still believe the pair is to incline this week. The expected upside trend may be stalled by downside corrections to gather bullish momentum to breach the 1.0905 level to the upside and open the way towards 1.1025 at the very least which is the 38.2% correction as seen in the above image.

The trading range for the week is among the key support at 1.0510 and the key resistance at 1.1230

Support 1.0820 1.0785 1.0725 1.0660 1.0570

Resistance 1.0905 1.1025 1.1110 1.1160 1.1230

Recommendation According to our analysis, we believe the pair is to gather bullish momentum from 1.0785 to target 1.1025 yet if trading maintains levels below 1.0660, our upside movements become invalid

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CAD

The pair entered an upside correction which may reach 1.1440 yet before reaching this level, the pair must breach the key resistance for the downside channel at 1.1230 which is also the 100 MA on the four hour charts to build a solid base above it and confirm the upside trend. The incline remains as far as 1.1020 is intact.

The trading range for the week is among the key support at 1.0755 and the key resistance at 1.1635

Support 1.1110 1.1065 1.0940 1.0885 1.0755

Resistance 1.1185 1.1230 1.1335 1.1430 1.1545

Recommendation According to our analysis, we believe the pair is to gather bullish momentum from 1.1070 with targets at 1.1430 yet if trading remains below 1.0940, our upside movements become invalid.