USDCHF’s upward movement extended to as high as 0.9274. Support is at 0.9139, as long as this level holds, uptrend could be expected to continue and next target would be at 0.9300-0.9350 area. However, a breakdown below 0.9139 will indicate that a cycle top has been formed at 0.9274 level on 4-hour chart, and the rise from 0.8922 has completed, then deeper decline towards 0.8922 previous low could be seen.
Archive for March, 2011
USDCHF may be forming a cycle top at 0.9233 on 4-hour chart. Key support is now at 0.9139, a breakdown below this level will confirm the cycle top, then another fall towards 0.8922 previous low could be seen. Immediate resistance is at 1.9233, only break above this level could indicate that the uptrend from 0.8922 has resumed, then next target would be at 0.9300-0.9350 area.
By Elliott Wave International
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GBPUSD’s fall from 1.6400 extended further to as low as 1.5936. Resistance is at 1.6045, as long as this level holds, downtrend from 1.6400 could be expected to continue, and next target would be at 1.5800-1.5900 area. However, a break above 1.6045 will indicate that a cycle bottom is being formed on 4-hour chart, then another rise towards 1.6400 previous high could be seen.
USDCHF’s bounce from 0.8922 extended further to as high as 0.9227. However, next cycle top is nearing, another fall would likely be seen later today. Key support is at the rising trend line on 4-hour chart, a clear break below the trend line support will indicate that a cycle top has been formed, and the downtrend from 0.9774 (Feb 11 high) has resumed, then deeper decline could be seen to 0.8700 zone.
By Elliott Wave International
Below is an excerpt from the newest free Club EWI investor education resource, The Independent Investor eBook 2011. Inside are some of the most eye-opening research findings by EWI’s president Robert Prechter, as published in the recent issues of his monthly Elliott Wave Theorist.
AUDUSD’s upward move from 0.9704 extended to as high as 1.0227. Now the pair is facing 1.0255 (Dec 31, 2010 high) resistance. Minor consolidation would likely be seen before breaking above this level. Support is at 1.0130, below this level will indicate that consolidation of uptrend is underway, then the pair will find support at 1.0050. On the upside, if 1.0255 resistance gives way, next target would be at 1.0400 zone.
After breaking above 1.6343 resistance, GBPUSD pulled back from 1.6400. However, the fall from 1.6400 is treated as consolidation of uptrend, as long as 1.6185 support holds, another rise towards 1.6500 is still possible after consolidation. However, below 1.6185 will indicate that lengthier consolidation of uptrend is underway, then deeper decline to 1.6000 area could be seen.
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Being contained by 1.4281 (Nov 4, 2010 high) resistance, EURUSD pulled back from 1.4248, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.4100 and 1.4248 is expected in a couple of days. However, the fall from 1.4248 is treated as consolidation of uptrend from 1.3752, another rise towards 1.4500 is still possible after consolidation, and a break above 1.4248 could signal resumption of uptrend.
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