Euro
Weekly Report (29/06/2009)
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All the attempts to decline failed last week where the pair currently needs to maintain stability above 1.4135 to confirm the upside trend that may continue this week to target levels at 1.4260 – 1.4295 before reaching 1.4525. We see in the above image that the pair is currently trading above the key support for the ascending channel at 1.3895 where the uptrend remains as far as the previous and 1.3735 levels remain intact. The ADX and MACD indicator support our outlook while the RSI is trending above 50.
The trading range for the week is among the key support at 1.3670 and the key resistance at 1.4620
| Support | 1.4015 | 1.3910 | 1.3840 | 1.3735 | 1.3615 |
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| Resistance | 1.4135 | 1.4295 | 1.4330 | 1.4525 | 1.4620 |
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| Recommendation | According to our analysis, we believe the pair is to gather bullish momentum from 1.4015 with targets at 1.4320 yet if trading reverses to maintain levels below 1.3840, our upside movements become invalid. |
Great British Pound (GBP)
Weekly Report (29/06/2009)
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The pair continued to consolidate last week within an ascending channel that will be complete with trading above 1.6605. The 1.6325 and 1.6280 levels are the pivot points for this week where as far as trading maintains levels above them, the uptrend will target 1.7000. Although the pair is being traded within an overbought area on the four hour charts, the daily charts support our outlook to the upside as far as 1.6220 is intact.
The trading range for the week is among the key support at 1.5930 and the key resistance at 1.7145
| Support | 1.6465 | 1.6325 | 1.6280 | 1.6220 | 1.6085 |
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| Resistance | 1.6585 | 1.6605 | 1.6750 | 1.6885 | 1.6950 |
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| Recommendation | According to our analysis, we believe the pair is to gather bullish momentum from 1.6465 with targets at 1.6950 yet if trading reverses to maintain levels below 1.6200, the upside direction becomes invalid. |
Japanese Yen (JPY)
Weekly Report (29/06/2009)
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The pair is currently trading outside the ascending channel is affected by a bearish technical pattern with a neckline at 95.50 as it trades below the 38.2% correction at 96.00 where all these signs support the downside direction for the week to target 94.30 at the very least. The decline on the medium trend is currently targeting 92.60 as an initial target where trading below 96.00 will keep the short and intraday terms to the downside as well. Momentum indicators show the pair being oversold which may result in high volatility yet the downside trend remains as far as 98.10 is intact on the short term and 95.50 on the intraday basis.
The trading range for the week is among the key support at 90.70 and the key resistance at 99.40
| Support | 94.80 | 94.40 | 94.00 | 93.65 | 92.60 |
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| Resistance | 96.00 | 96.75 | 97.05 | 98.10 | 98.85 |
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| Recommendation | According to our analysis, we believe the pair is to gather bearish momentum from 96.00 with targets at 93.65, yet if trading reverses to maintain levels above 97.05, the downside direction becomes invalid. |
Swiss Franc (CHF)
Weekly Report (29/06/2009)
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The Dollar versus Swissy pair failed to reach our suggested targets last week as the 1.0695 and 1.0600 levels were strong enough to halt further declines. Despite this incline, the pair remains within a downside channel where as far as trading remains below 1.1300, the downside trend will be evident on the short term. This week the pair is facing a resistance level at 1.0945 and a support at 1.0600 where consolidating within these levels will keep the trend undetermined. However despite that, we still believe the pair is to decline targeting 1.0450 as far as 1.0945 remains intact where we advise traders to be cautious during trading this week.
The trading range for the week is among the key support at 1.0550 and the key resistance at 1.1150
| Support | 1.0830 | 1.0785 | 1.0695 | 1.0600 | 1.0550 |
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| Resistance | 1.0870 | 1.0945 | 1.1015 | 1.1105 | 1.1150 |
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| Recommendation | According to our analysis, we believe the pair is to gather bearish momentum from 1.0870 to target 1.0600 yet if trading maintains levels above 1.1015, our downside movements become invalid. |
Canadian Dollar (CAD)
Weekly Report (29/06/2009)
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Further attempts are witnessed to maintain levels above 1.1505 yet on the daily charts the pair has yet to confirm the breakout of the level where it seems the pair may decline from levels near the 38.2% correction at 1.1520. The stochastic indicator is showing the pair being overbought on the daily charts whereas the MACD indicator remains weak. From here we are waiting for a daily close below 1.1505 to confirm the downside direction yet if the pair breaches the 1.1620 level, it will target 1.1745 and 1.1970.
The trading range for the week is among the key support at 1.0810 and the key resistance at 1.1970
| Support | 1.1445 | 1.1360 | 1.1240 | 1.1115 | 1.0960 |
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| Resistance | 1.1560 | 1.1620 | 1.1745 | 1.1800 | 1.1970 |
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| Recommendation | We advise to follow the daily reports until confirming the upcoming trend. |