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Weekly Technical Analysis Reports

Weekly Forex Update: GBP/CHF

Autochartist | Feb 20 12 03:22 GMT

GBP/CHF has recently completed the high Clarity Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level as a result of the below average Initial Trend (measured at the 4 bar level) and substantial Uniformity and Clarity (rated at the 8 and 9 bar levels respectively). Near maximum Uniformity and Clarity reflect the well-formed chart pattern with high visibility to the market participants. This Triangle continues the sharp preceding weekly upward price impulse from the major level of support at 1.1700 (which had previously reversed the strong preceding multi-year downtrend in the August of 2011). This preceding upward impulse broke up through the cluster of the longer-term downward-sloping resistance trendlines (as is shown on the third chart below). The pair has recently broken up through the upper resistance trendline of this Triangle and is expected to continue upward movement in the direction of the Forecast Price 1.4678

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USDCAD - Reverses Gains, Eyes The 0.9926 Level

FXTechstrategy | Feb 20 12 03:09 GMT

USDCAD - Outlook for USDCAD continues to point lower following its inability to follow through higher on the back of its previous week gains. This development now leaves the pair vulnerable towards the 0.9926 level followed by the 0.9890 level, its Oct 27’2011 high. A breach of there will pave the way for further declines towards the 0.9804 level, its Sept 19’2011 low and possibly lower. Its weekly RSI is bearish and pointing lower suggesting further weakness. Alternatively, the risk to our downside outlook will be a return above the 1.0051/74 levels where a break will send the pair further higher towards the 1.0250 level and then the.0317 level. This if seen will put on hold its nearer term weakness and then target the 1.0423 level, its Dec 14’2011 high followed by its Nov 25’2011 high at 1.0524. All in all, the pair remains vulnerable to the downside short term

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IMM Positioning - EUR Positioning Still Leaves Potential For EUR/USD Upside

Danske Bank | Feb 13 12 10:15 GMT

Investors remain very short EUR: Short euro positions have been fairly sticky going into 2012, despite the large spot and option market correction. This is the main reason why we still see upside potential in EUR/USD in the short term. Even though it is unlikely that investors will turn net long EUR as long as Eurozone debt risks remain elevated, a further reduction in short positions should be enough to lift spot further.

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FX Thoughts for the Week

Kshitij Consultancy Services | Feb 13 12 09:09 GMT

Dollar-Swiss is continuing to find Resistance near 0.9250. The 21-Month-MA (currently at 0.9261) held well last week. However, the break below 0.9100 did not extend strongly further on the downside and the pair bounced back sharply from its low of 0.9089. On the downside 0.9058 will be an important Support level to be watched for the week. The pair needs to see a strong break below this Support for further downmove to happen. Last two weeks candles are suggesting sideways move for the pair. However, the monthly and the weekly charts on the whole are still looking week broadly and a strong break below 0.9058 could trigger further sharp fall to 0.8900-8850.

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Weekly Forex Update: EUR/JPY

Autochartist | Feb 13 12 02:09 GMT

EUR/JPY continues to decline inside extended and well-formed Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The length of this chart pattern is equal to 112 candles. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 2 bar level) and higher Uniformity and Clarity (rated at the 8 and 9 bar level respectively). This chart pattern continues the long-term predominant downtrend visible on the daily and the weekly EUR/JPY charts.

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