FX-Strategy Pro Commentary

198673 Resource 119238 128654 128654 1204606796950 1204606796950 Controlled Pro Commentary Lite ... 4th March 2008 ... USDCHF

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.0410<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0417</td><td>1.0435</td><td>1.0456</td><td>1.0486</td></tr><tr><td>Support:</td><td>1.0375</td><td>1.0336</td><td>1.0307</td><td>1.0280</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mMar4.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Slightly mixed but beginning to feel we could see a move down to 1.0216-48</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">The 1.0320 level broke but we then saw a recovery from the 1.0307 low. This appears to break the structure I was considering yesterday and there has been no obvious reversal signal from momentum. Therefore wait for a test of 1.0216-48 (probably closer to the low end) and if this is accompanied by a bullish divergence then it should be a good buying level. Only an earlier break above 1.0417-35 would attack the 1.0456 corrective high and trigger follow-through to 1.0486 (take care) and 1.0564-1.0618.</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">As price keeps declining we may get an opportunity to buy for a correction around 1.0216. At the most the 1.0618 (max 1.0671) area should cap & breach will be needed to generate 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">4th March)</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">With a marginal new low at 1.0307 I feel that on balance the downside may well still be at risk. We really need the 1.0417-35 area to cap and for a break below 1.0375 to generate a test of 1.0332-40 which could cause a small reaction. A subsequent decline below yesterday’s 1.0307 low would spark additional losses to 1.0280 and probably the 1.0216-48 area where I expect a base to develop. Only below 1.0198 sees 1.0110-23.   </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 0.9993-1.0110 targets remain although we should see a pullback before seeing the expected test. This correction should remain below 1.0575-1.0676. Below 1.0200 sees a direct test of the LT targets.  (<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">3rd March)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWMar4.gif" align="baseline" border="0" />4th March Keep in mind the potential targets for Wave (v) (starting from 1.1594) are at 1.0110 (61.8%), 0.9993 (66.7%) and 0.9760 (76.4%.)The 223.6% projection in Wave –iii- at 1.0320 was only marginally broken but given the momentum picture still looks bearish it is beginning to look like we’ll see another dip to the 261.8% projection in Wave –iii- at 1.0216.This should then generate a correction in Wave –iv- that should move as high as 1.0572-1.0633. <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">Only an earlier pullback (with 1.0307 as the end of Wave –iii-) would imply resistance at 1.0618-1.0671.<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 Unique, insightful analysis at your fingertips 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