The Daily Forecaster

[B]BIAS[/B]: I suspect a blip higher before a correction

[B]Resistance[/B]:... 0.9678... 0.9704-20... 0.9742........ 0.9768
[B]Support[/B]:........ 0.9637... 0.9619........ 0.9584-90... 0.9543-50

[B]MAIN ANALYSIS[/B]: While yesterday provided some early confusion this finally confirmed its intentions to move higher. There seems to be early risk of consolidation between 0.9645-70, the upper end of this small range being hit first followed by a pullback, before the upside extends to 0.9704 minimum and possibly 0.9720. From here we should expect a correction that should move back lower into the broad consolidation and I suspect the 0.9635-55 area should hold to trigger the next larger rally to 0.9768 but only for a small correction of around 25-35 points before heading higher to the low/mid 0.98's.

[B]COUNTER ANALYSIS[/B]: Any earlier break below 0.9635 would risk a recycling back to the 0.9584-90 area before the next leg higher develops. Below 0.9574 would concern and suggest extension to 0.9543-50 at least and note the pivot support at 0.9495.

For more information regarding the support & resistance and medium term outlook please see the attached PDF file.

Good trading
Ian Copsey

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