FX-Strategy Pro Commentary

195245 Resource 119238 128654 128654 1200976990643 1200976990643 Controlled Pro Commentary Lite ... 22nd January 2008 ... USDCHF

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.1090<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.1135</td><td>1.1155</td><td>1.1190</td><td>1.1225</td></tr><tr><td>Support:</td><td>1.1077</td><td>1.1055</td><td>1.1020</td><td>1.0998</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mJan22.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.1120-35 caps I feel the downside should now resume for 1.0944 and below</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 recycled higher and while the 1.1090 peak was broken we have not yet seen breach of the key 1.1135 resistance. Indeed, before I turn to bullish I need this to break. If seen look for an immediate move to the 1.1190-1.1225 resistance area which should cause a pullback. Only breach extends further to 1.1298-04 and possibly 1.1357.</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 upside is not looking positive at all. Only a break back above 1.1038 would imply recovery to 1.1100-42. Break will be needed there to extend the 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">16th January)</td></tr><tr><td>Daily 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">The 1.1135 resistance remains intact and while it does so – which I think will be the case – I still see there being a risk for one last move lower. To confirm reversal lower we require a break back below 1.1055-77 and once seen expect the downside to become a little easier. There does seem to be risk of support at 1.0998 causing a pullback so be careful there. Below keeps the downside on track for 1.0944 and probably the 1.0883 area en route the 1.0806-36 area again. </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">Losses are developing and momentum still looks weak as we retest the 1.0883 low. Watch for the next supports at 1.0806-36 and 1.0749. Below extends more aggressively to 1.0614 at least. (<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">15th January)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWJan22.gif" align="baseline" border="0" />18th January Wave –iv- appears to have been seen at 1.1086. I see an internal 161.8% target in Wave c from 1.1086 at 1.0810 and a weekly target at 1.0806. Take care there. Below raise the minimum 61.8% Wave –v- target at 1.0618.22nd January<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">While the 50% retracement at 1.1090 was broken, given the shallow Wave –ii- I would not be surprised in this case for the 58.6% retracement to be seen at 1.1135. While that holds we can begin to look for a 3-wave decline back to 1.0836 and to 1.0806 at least. However, by the time we get there we need to be aware of the risk of a larger reversal higher. There is also support at 1.0748.<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 Franc FX fx-strategy resistance support Swiss technical analysis US USD FX-Strategy Pro Commentary Powerful analysis for profitable trading 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 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web