Pro Commentary Lite ... 29th October 2007 ... USDCHF

[GFTforex]

An excerpt from FX-Strategy's Pro Commentary
Price: 1.1629
Resistance:1.16501.16871.17101.1740Support:1.16161.15881.15551.1470

Bias:Only below 1.1599 sees losses towards 1.1555 else back above 1.1687-1.1710 triggers gains
Daily Bullish:Losses have progressed but at a snail’s pace and this looks likely to restrict the downside. While the 1.1599 area continues to hold any losses I feel there is risk of a reversal higher. We shall need a break back above the first resistance at 1.1650 which should then pressure the 1.1687 and 1.1710 areas at least. Only above the latter would extend the upside to 1.1740 area where a pullback is possible. Final resistance is back at the 1.1784-95 area. MT Bullish:The nature of the decline is beginning to suggest the maximum we can expect is at 1.1784-95. Thus only breach would maintain a more bullish stance for 1.1893-1.1927 again. (29th October)Daily Bearish:Losses have been limited and with a bullish divergence having developed I feel the 1.1599 area stands a good chance of holding for a second time. Thus any bearish stance will require a clean break at 1.1599 which would cause extension to 1.1555 but even this would probably break now. MT Bearish:The overall weekly decline is still the main direction. However, we really need a break below 1.1599 and 1.1555 to extend closer to 1.1283. (29th October)

ELLIOTT WAVE COMMENTS


29th October



We are either seeing a flat correction in daily Wave –iv- or in Wave –b- I feel. This should limit the downside to the 1.1599 area again. We then need to see the reaction to judge whether this will stall at 1.1784-95 or move all the way to 1.1893-1.1927 again. I suspect the lower.


Thus only directly below 1.1599 would maintain the risk that we are seeing Wave –c- of Wave –v-. If so the eventual targets in Wave –v- are at 1.1370 mini8mum (61.8%), 1.1328 (66.7%) and 1.1246 (76.4%) with the 1.1283 low also possibly providing support.
Ian Copsey
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[joanne]

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