Pro Commentary

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An excerpt from Pro Commentary

Price:                            1.0532<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0550</td><td>1.0580</td><td>1.0606</td><td>1.0648</td></tr><tr><td>Support:</td><td>1.0480</td><td>1.0450</td><td>1.0426</td><td>1.0394</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHF60mMay7.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Some care required but while 1.0550 caps there can still be losses below 1.0426 for 1.0353-73</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>The rather whippy nature of the decline raises the chance that we are seeing a correction only and that price will force its way above 1.0606. However, only directly above 1.0550 would force that move directly. If seen the 1.0606 area should provide temporary resistance and should then extend higher towards 1.0648 minimum and probably 1.0728 and 1.0763 which should hold.  </td></tr><tr><td>MT Bullish:</td><td>7th May: The decline has begun to look more corrective and thus we should be aware of the risk of 1.0353-73 supporting and generating a move back above 1.0606 for 1.0763 initially and after a correction even higher. </td></tr><tr><td>Daily Bearish:</td><td>Losses broke straight below the 1.0440-49 support though stalled at 1.0426. I still feel that there could be one further attempt lower and this will require the 1.0550 area holding any gains this morning. While this does provide a barrier a move back to 1.0426 is possible and after a correction towards the 1.0353-73 area. However, I suspect this will hold any weakness. Therefore additional losses are only possible if the 1.0350 level breaks. If seen this would maintain the downside for 1.0298-31. </td></tr><tr><td>MT Bearish:</td><td>7th May: The manner of the decline doesn’t look sustainable at present and may well be contained by the 1.0353-73 support. Thus only look for stronger losses below here when the 1.0125 target will be resurrected. </td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CHFEWMay7.gif" align="baseline" border="0" />7th May The manner of the pullback from 1.0606 has begun to look more corrective. This peak was also a 176.4% projection in Wave iii. With Wave ii being deep any Wave iv should be more shallow and therefore take note of the 38.2%-41.4% retracement between 1.0353-73. This represents the difference between a deeper pullback lower and a Wave iv from where we should see Wave v extend above 1.0606 and to the 1.0763-75 at least where Wave –c- will have extended by 138.2%. Any earlier break below 1.0350 would extend the losses in the correction of the rally from 0.9644 to 1.0606 which has a 50% retracement at 1.0125.Ian Copsey 9 application/xml false CHF commentary currencies Dollar elliott wave forecasts Forex Franc FX resistance support Swiss technical analysis US USD 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; 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