FX-Strategy Pro Commentary

185944 Resource 119238 128654 128654 1191988173436 1191988173436 Controlled Pro Commentary Lite ... 10th October 2007 ... USDCHF

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.1832<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.1860</td><td>1.1893</td><td>1.1927</td><td>1.1960</td></tr><tr><td>Support:</td><td>1.1820</td><td>1.1800</td><td>1.1783</td><td>1.1757</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mOct10.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.1800-20 supports there is still room for gains towards 1.1927-50</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Price saw a small break above 1.1884 but held at 1.1893 from where we have seen a correction lower towards the 1.1800-20 support area highlighted yesterday. Currently I still see momentum as positive and thus I feel there is still room for further gains. This will require the 1.1800-20 area to remain supportive. A break back above the 1.1850-60 pivot resistance will assist higher and allow a retest around the 1.1893 high and then extension towards the ideal target at 1.1927-50 which should cap.</td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The 1.1886-1.1930 has almost been met and while the 1.1800 level supports we should see this test. However, I see this providing a key cap. Thus only above 1.1960-92 would trigger stronger gains. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">9th October)</td></tr><tr><td>Daily Bearish:</td><td>We have seen the expected pullback lower which has reached the topside of the 1.1800-20 support target. We should be aware of the risk of this still reaching the 1.1800 area. There is also support at 1.1785 and only below here would cause direct losses. First stop should be the 1.1725-57 area which could cause a correction higher. Below extends to 1.1670-80. </td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">We have see gains to 1.1869 and there are still risks of seeing 1.1927. From there I shall look for the downside to develop once again. Directly below 1.18 suggest immediate losses back to 1.1621-1.1716. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">9th October)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWOct10.gif" align="baseline" border="0" />9th October I feel we have seen two upward ABC structures and a new Wave a that should find a peak around 1.1874-86. This should be followed by a Wave b back to around 1.1800-20 to trigger the final Wave c higher to the 50% pullback in a larger daily Wave –iv- at 1.1927. <span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Note this new structure implies a Wave –x- (or Wave –b-) peak at 1.2468 from where we have seen 3 waves lower to 1.1621 and thus we are correcting this Wave –iii- from the 1.2232 high.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Ian Copsey 9 application/xml false CHF commentary currencies Dollar elliott wave forecasts Forex FX fx-strategy resistance support Swiss Franc technical analysis US USD FX-Strategy Pro Commentary Unique, comprehensive and insightful analysis http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 ICopsey false true false false true 119238 blog blogsite/GFTForex/web