EURO

The pair surpassed the awaited key targets and managed to achieve more negative pressure that will breach support for the main descending channel at 1.2330. This level will meet with the recorded bottom at the end of October 2008; thus, we expected the pair to witness a more bearish short term direction. Some fluctuation will be witnessed to retest the breached support level before heading towards upcoming targets that are around 1.2150 then 1.2000. It is vital that closing is below 1.2330 to achieve mentioned targets.

The trading range for today is among the key support at 1.2000 and the key resistance at 1.2500.

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

Support 1.2235 1.2190 1.2160 1.2125 1.2060

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Resistance 1.2330 1.2385 1.2440 1.2500 1.2575

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.2330 targeting 1.2150 and stop loss above 1.2500, might be appropriate.




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GBP

The pair continued moving to the downside to touch support for the main descending channel shown above at 1.4250. Momentum indicators are showing positive signs that may push for some minor bullish correction; however, in overall it is expected to remain bearish, while targets start at 1.4100 then 1.4000. We recommend observing today's trading as we await signs that will insure the expected direction that will prevail if 1.4250 is breached.

The trading range for today is among the key support at 1.4000 and the key resistance at 1.4700.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.4000.

Support 1.4335 1.4250 1.4195 1.4125 1.4035

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Resistance 1.4395 1.4455 1.4525 1.4590 1.4650

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Recommendation Based on the charts and explanations above our opinion is to observe trading and await more confirmation signs for the pair’s direction, might be appropriate.






















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JPY

The pair continues to move according to our previous reports after insuring a breach of pivotal support that has currently turned into resistance at 92.20, where more bearish movement is expected for this week. Keep in mind that that support is at 91.10, which could impede the pair's attempt to bearishly move. Momentum indicators are showing negative signs that support these expectations of a bearish trend as key targets are at 90.20 then 89.50. It is vital that 93.85 remain intact to insure achieving expectations.

The trading range for today is among the key support at 89.50 and the key resistance at 93.85.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


Support 91.80 91.10 90.65 90.20 89.50

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Resistance 92.20 92.65 93.10 93.85 94.80

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Recommendation Based on the charts and explanations above our opinion is selling the pair from 92.20 target 90.20 and stop loss above 93.85, might be appropriate.















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CHF

The pair was able to breach resistance for the ascending channel's resistance level shown in our previous reports, thus helping the bullish trend scenario gain speed. Overbought signs appearing on momentum indicators could force the pair to retest broken resistance that has  become support at 1.1265 before continuing the bullish trend for this week; targeting 1.1480 then 1.1690. It is vital that closing remain above 1.1265 to insure achieving expectations.

The trading range for today is among the key support at 1.1180 and the key resistance at 1.1690.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.

Support 1.1325 1.1265 1.1180 1.1120 1.1070

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Resistance 1.1435 1.1480 1.1555 1.1620 1.1695

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Recommendation Based on the charts and explanations above our opinion is buying the pair above 1.1265 targeting 1.1480 and stop loss below 1.1180, might be appropriate.


























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CAD

The pair managed to build a base above resistance for the previous descending channel – which has turned into support at 1.0330 – thus pointing to more bullish direction for trading this week. Meanwhile, bullish signs support these expectations appearing on the Stochastic, in addition to 76.4% Fibonacci correction maintaining its stance in front of the pair's attempts to descend. The awaited technical targets are at 1.0740 and require closing above 1.0330 to prevail.

The trading range for today is among the key support at 1.0235 and the key resistance at 1.0740.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.

Support 1.0330 1.0240 1.0215 1.0185 1.0120

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Resistance 1.0430 1.0470 1.0550 1.0600 1.0660

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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0330 targeting 1.0550 and stop loss below 1.0240, might be appropriate.













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Forex - Weekly Technical Analysis (17.05–23.05)
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