FX-Strategy Pro Commentary

201355 Resource 119238 128654 128654 1207626255604 1207626255604 Controlled Pro Commentary Lite ... 8th April 2008 ... USDCHF

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.0072<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0120</td><td>1.0140</td><td>1.0171</td><td>1.0217</td></tr><tr><td>Support:</td><td>1.0070</td><td>1.0044</td><td>1.0013</td><td>0.9980</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mApr8.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.0140-71 caps I look for a test of 1.0044-50 and after a small pullback lower to below 1.0013</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">Yesterday saw a stronger than expected pullback above 1.0130 which then stalled 2 points above the 1.0169 resistance. Losses from here do seem firm. However, watch the 1.0044-50 area which could generate a correction but should struggle above 1.0090-00. Thus only a recovery back above the 1.0115-20 pivot area would provide relief to the downside and would allow a move to 1.0171 at least. Above extends the upside to 1.0217 and 1.0249-73.  </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">While I still like the upside from a MT basis there does seem to be a growing argument for a move back to 0.9839 first. Thus only back above 1.0217 would trigger gains to the 1.0332-52 area. (<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">8th April)</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 pullback stalled higher than expected just 2 points above the 1.0169 resistance and from there we have seen losses which look constructive. Early on watch support around 1.0044-50. This should cause a small pullback but this should struggle around 1.0090-00 and then generate additional losses to 1.0013 and probably through for the 0.9980 pivot area that then has an eventual target at 0.9889 and 0.9839.</td></tr><tr><td>MT Bearsh:</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 beginning to show signs of being overstretched but we’ll need a break below 1.0065 to generate losses back to the 0.9839 minimum and 0.9784. Only below sees new lows.  (<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 April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWApr8.gif" align="baseline" border="0" />7th April Gains have been seen but these still haven’t managed to take out the 1.0248 high. The depth of the pullback from 1.0217 appears to be deep enough tot suggest that a peak has been seen but the manner of the decline is somewhat indecisive. I do have a bearish wave count but the 1.0120-30 area must cap in an expanded flat in minor Wave ii and then trigger losses back towards the 0.9870 Wave –b- low and to a wave equality target at 0.9839 at least. 8th April <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">Yesterday’s pullback appears to be a deeper minor Wave ii than expected. This then keeps the more complex Wave –b- in intact in which the 1.0217 high was Wave b and thus we should see a wave equality target at 0.9839.<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 resistance support Swiss technical analysis US USD FX-Strategy Pro Commentary Possibly the most comprehensive technical report available 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