Weekly Report 20/02 – 24/02/ 2012
During the last week, the pair has dropped violently placing a 1-month low on Thursday where it reached our previous suggested technical target at 1.2975 and then, Stochastic has overlapped positivity pushing it higher towards the current sensitive areas. Additional upside rallies could be seen if it succeeded in taking 1.3230-1.3250 zones with a daily closing but we can see how the week has opened with a gap. We can't define the sort of this gap until we see the price behaviors during the upcoming hours. Thereby, we will avoid trading until the pair proves the strength of bullish momentum started at 1.2975 zones.
The trading range for this week is among key support at 1.2860 and key resistance at 1.3550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3140 | 1.3070 | 1.3025 | 1.2975 | 1.2925 |
| Resistance | 1.3230 | 1.3295 | 1.3320 | 1.3370 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Great British Pound (GBP)
Weekly Report 20/02 – 24/02/ 2012
Our previous hinted Elliott count over four-hour interval hasn’t been damaged yet -check the previous report- but approaching the key resistance level between 1.5890 and 1.5925 along with the positivity on Stochastic forces us to stay aside until the daily chart provides additional confirmations that the bullish momentum that started at 1.5650 is strong enough to clear the aforesaid sensitive levels followed by 200-Day SMA. Carefully note that coming back below the pivotal support of 1.5785 will bring the bearish picture back into focus.
The trading range for this week is among key support at 1.5460 and key resistance at 1.6165.
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 | 1.5820 | 1.5785 | 1.5680 | 1.5555 | 1.5460 |
| Resistance | 1.5925 | 1.5975 | 1.6025 | 1.6075 | 1.6165 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Weekly Report 20/02 – 24/02/ 2012
The pair has been capable of reaching our short term detected technical objective at 79.55 where a 6-Month high was recorded and we can see how the pair was very close to touch the psychological level of 80.00 during the Asian session. Now, SMA 50 -previous broken statistical trend line- over weekly graph could be re-tested before surging bullishly once more affected by the reversal classical pattern which proved its efficiency during the last two weeks. A break above 80.00 zones will trigger panic buying interests towards the soft technical target of the classical pattern.
The trading range for this week is among key support at 77.60 and key resistance now at 81.90.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 79.15 | 78.60 | 78.30 | 77.90 | 77.60 |
| Resistance | 80.00 | 80.20 | 80.50 | 81.25 | 81.90 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.15 targeting 81.20 and stop loss below 77.70 might be appropriate. | ||||
Swiss Franc (CHF)
Weekly Report 20/02 – 24/02/ 2012
On Friday, the pair closed back in the middle of the 0.9105-0.9310 range as seen on the provided daily chart. The sort of the gap formed with the weekly closing is unclear and we should watch out the price behaviors in addition to the daily closing to predicate a potential direction. Indeed, Stochastic is negative now but we will not follow it until the pair clears 0.9080 zones and preferably 0.9030 areas. On the upside, encountering the key resistance 0.9230 zones once again will indicates a higher probability of a breakout above 0.9310 areas.
The trading range for this week is among key support at 0.8890 and key resistance at 0.9470.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9105 | 0.9030 | 0.8985 | 0.8920 | 0.8890 |
| Resistance | 0.9175 | 0.9230 | 0.9260 | 0.9310 | 0.9370 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Weekly Report 20/02 – 24/02/ 2012
The weekend gap pushed the pair outside the recent range bound among 0.9930-1.0070 area. It’s not unusual and actually probable to see price retraces to fill the gap before resuming the expected intraday downside move. The bearishness is supported by settling and ending last week below the 200-days SMA and below the aforementioned range. Over weekly basis, we still have one downside barrier at 0.9890; a breach below this support shall indicate further bearishness for the rest of the week.
The trading range for week is expected among the key support at 0.9800 and the key resistance at 1.0075.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9890 | 0.9870 | 0.9850 | 0.9820 | 0.9800 |
| Resistance | 0.9930 | 0.9980 | 1.0020 | 1.0050 | 1.0075 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 0.9950 targeting 0.9890 and 0.9850, stop loss above 1.0000. | ||||
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