Weekly Report 09/01 – 13/01/ 2012
The pair rebounded to the upside after reaching areas around 1.2665, which represents 261.8% Fibonacci projection as shown above on the chart. Stochastic and the RSI 14 are within oversold areas, which could trigger another upside correctional wave that could support the pair to retest areas around 1.2795 and maybe 1.2875. But, after reaching these areas, we should remain neutral, waiting for more confirmations. A breach of 1.2665 should negate any upside correction.
The trading range for this week is among the major support at 1.2740 and the major resistance at 1.3270.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2700 | 1.2665 | 1.2620 | 1.2570 | 1.2535 |
| Resistance | 1.2740 | 1.2795 | 1.2845 | 1.2875 | 1.2910 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2700, and take profit in stages at (1.2790 and 1.2875) and stop loss with 4-hour closing below 1.2665 might be appropriate today | ||||
Great British Pound (GBP)
Weekly Report 09/01 – 13/01/ 2012
The pair has slipped violently downwards respecting the momentum resistance appearing on Stochastic as we anticipated in Friday's reports. Cable is now capped below very solid resistance areas-previous broken support zones- as follows:
1-SMA 20 2-SMA 50 3-Fibonacci 23.6%
Thereby, we believe that 1.5360 will fall sooner where a break of which will bring panic sell-off actions over short term basis. The harmonic outlook reveals the obvious bearishness, expected during the upcoming sessions.
The trading range for this week is among key support at 1.5075 and key resistance at 1.5780.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5360 | 1.5270 | 1.5215 | 1.5180 | 1.5075 |
| Resistance | 1.5460 | 1.5555 | 1.5630 | 1.5680 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5460 targeting 1.5180 and stop loss above 1.5650 might be appropriate. | ||||
Japanese Yen (JPY)
Weekly Report 09/01 – 13/01/ 2012
The pair started to consolidate again between 61.8% and 76.4% Fibonacci retracement levels of the entire upside wave from 75.50 to 79.50 as seen on the provided daily chart. But, Stochastic over daily studies is still positive; whilst the four-hour time scale shows that a bullish candlestick formation and bullish crossover on Stochastic were formed during the Asian session suggesting a potential resumption for the recovery started above 76.50 zones. Actually, we need to witness a breakout along with stability above 77.10 areas to confirm the bullishness anticipated during this week; noting that, taking 77.55 will fix the sign appearing on Vortex indicator.
The trading range for this week is among key support at 75.50 and key resistance now at 78.30.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.50 |
| Resistance | 77.10 | 77.55 | 77.90 | 78.30 | 78.80 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.10 targeting 79.00 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Weekly Report 09/01 – 13/01/ 2012
Stabilizing above 0.9400 is very positive according to the harmonic rules, where this consolidation could trigger the extension of the upside move towards the second target of the Deep Crab harmonic pattern as shown above, where this target represents 61.8% Fibonacci correction of the CD leg at 0.9950. ADX indicator suggests the extension of the upside move with heavy fluctuation, while the RSI14 is still biased to the upside despite being close to overbought areas.
The trading range for this week is among the major support at 0.9235 and the major resistance at 0.9855.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9520 | 0.9480 | 0.9400 | 0.9375 | 0.9330 |
| Resistance | 0.9590 | 0.9660 | 0.9740 | 0.9785 | 0.9855 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and taking profit in stages at (0.9590 and 0.9660) and stop loss with daily closing below 0.9400 might be appropriate. In case the pair reached the suggested stop loss point, our opinion is selling the pair around 0.9335 and taking profit in stages at (0.9235 and 0.9110) and stop loss with 4-hour closing above 0.9400 might be appropriate. | ||||
Canadian Dollar (CAD)
Weekly Report 09/01 – 13/01/ 2012
The pair inclined sharply, negating our previous expectations, where the pair returned to settle above 1.0275 and above the ascending main support level and also above the exponential moving averages 20 and 50. This incline was triggered after the breach of 1.0070. Currently, Stochastic is within overbought areas, therefore we remain neutral, awaiting further confirmations regarding the stability above 1.0185 and 1.0275.
The trading range for this week is among the major support at 1.0000 and the major resistance at 1.0620.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0275 | 1.0255 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0475 | 1.0500 | 1.0560 | 1.0620 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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