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USD/CAD Weekly Technical Report 31/12/2012 – 4/1/2013
The pair stabilized above the first target of the bearish Butterfly Harmonic Pattern at 0.9930 levels which decreases the pattern’s affect. At the same time, Stochastic is showing overbought signals, as Relative Strength Index fails to keep its bullish bias. Therefore, we remain neutral in our weekly report waiting for confirmation signals.
The trading range for this week is between the key support at 0.9735 and the key resistance at 1.0135.
The general trend over short term basis is to the downside below levels 1.0125 targeting 0.9400.
Support 0.9930 0.9895 0.9800 0.9770 0.9735
Resistance 0.9950 0.9990 1.0000 1.0040 1.0100
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
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USD/CHF Weekly Technical Report 31/12/2012 – 4/1/2013
We might be in front of an AB=CD Bullish Pattern as the suggested harmonic pattern completed at 0.9080 levels, any trading above the referred to levels is positive now and might cause an upside correction during this week. The first suggested target for this pattern resides at 0.9200 levels and breaching it might extend the bullish move reaching 0.9270 levels.
MoreUSD/JPY Weekly Technical Report 31/12/2012 – 4/1/2013
Stability above 85.50 levels is positive and makes us expect the extension of the upside move . Momentum indicators are showing clear overbought signals on the weekly graph which increases the risk. As the pair stabilized above the referred to level, there is a good possibility to breach 86.80 levels which may lead to more bullishness towards 88.25 levels.
MoreGBP/USD Weekly Technical Report 31/12/2012 – 4/1/2013
We have some technical conflict where stability below 1.6310 levels is considered negative, but failing to stabilize below 1.6125 levels is positive. Linear Regression Indicators are showing mixed direction signals so as Momentum Indicators. Therefore, we remain neutral in our weekly report waiting for confirmation signals.
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