FX-Strategy Pro Commentary

198164 Resource 119238 128654 128654 1203911593627 1203911593627 Controlled Pro Commentary Lite ... 25th February 2008 ... USDCHF

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.0866<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0897</td><td>1.0916</td><td>1.0938</td><td>1.0955</td></tr><tr><td>Support:</td><td>1.0834</td><td>1.0805</td><td>1.0785</td><td>1.0765</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mFeb25.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.0876-97 caps there is still risk of losses to 1.0805-13 before the anticipated stronger rally </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">Losses did develop down into the 1.0813-54 area and we therefore need to be aware that a direct resumption of the upside is possible. I tend to feel that we need just one more low which should reach the 1.0805-13 area and if seen this should provide a good buying opportunity. Only an earlier break above 1.0897 and the 1.0916 corrective high would imply a direct recovery that should then proceed towards 1.0955-70 and probably make its way all the way to the 1.1042 area.</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 correction from 1.1106 has been a lot more erratic than expected and may even get back to 1.0811-54. However, I remain overall bullish and will look for a return to 1.1106-20 and later higher. (<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">22nd February)</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 downside did prove the weaker side on Friday and fell between the two potential support areas at 1.0813 and 1.0854. However, until the 1.0897-1.0916 area is broken we should be aware of the risk of a final dip to the 1.0805-13 area which I suspect will hold. Thus any stronger bearish stance will require a breach of the 1.0800 level and if seen then look for losses to 1.0785 and probably 1.0760-65 which could stall the decline before a test of the 1.0728 low. </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">The recovery from 1.0728 appears positive and while Friday’s pullback was deep it still holds within a bullish structure. Thus only below 1.0854 & 1.0817 triggers stronger losses back towards 1.0728 again. (<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">19th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWFeb25.gif" align="baseline" border="0" />22nd February This Wave (b) has been pretty choppy and the actual internal count is very clouded. However, I suspect that we should be seeing a 5-wave decline from yesterday’s 1.1032 high. We still need to be careful as there is a bullish divergence developing in the 4-hour chart though the hourly still looks bearish. If yesterday’s 1.0865 low was a Wave iii then the maximum I’d expect in Wave iv would be at 1.0938. Thus the next decline should be Wave v and we can then watch the 66.7% retracement in Wave (b) at 1.0854 and then the 76.4% at 1.0811-17. <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">This should spark a recovery in Wave (c).<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; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web