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The Daily Forecaster

Wed, Nov 4 2009, 04:15 GMT
by Ian Copsey

FX-Forecaster.com

Bias:       While 1.0688 caps I feel we should see the 1.0596-1.01621 area tested but then correct

Please read the attached PDF file which provides more detailed analysis

Daily Bullish

I feel that the first move should be a pullback towards 1.0688 but while this area caps I feel the downside is still more likely to retest the 1.0648 lows and beyond to somewhere between 1.0596-1.0621. Take care here as I feel we are due a correction and thus look for bullish set ups. Only an earlier break above 1.0680 would provoke a deeper correction back above 1.0726 and to the 1.0755-60 area at least. Then note resistances at 1.0783, 1.0815 and then the 1.0866 high.

Medium Term Bullish
4th November:   Breach of 1.0751 has undermined the bullish structure and therefore we'd need a break back above 1.0866 to generate any stronger MT gains.

Daily Bearish

The drop to 1.0648 only looks like half of the decline and I feel we'll see more soon. Ideally then 1.0688 resistance should hold and generate follow-through to 1.0596-1.0621 where I’d expect a correction higher. Thus, only below 1.0596 and 1.0882 would extend losses to 1.0544 and probably 1.0488-1.0510.

Medium Term Bearish
2nd November:   Back below 1.0734-54 will be needed to extend losses to 1.0658 & possibly 1.0608 at least. Take care here. Only breach would trigger stronger follow-through to 1.0550 minimum.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.

• The Brief Daily Forecaster

Published on  Wed, Nov 4 2009, 04:20 GMT