Resistance 3: $1.6710
Resistance 2: $1.6600
Resistance 1: $1.6430
Current price: $1.6405
Support 1: $1.6200
Support 2: $1.5960
Support 3: $1.5870
Comments: Following last week's
continuation triangle, cable has extended sharply lower and the move
has exceeded the triangle target as well as the Bollinger band ($1.6430)
which should slow losses. However,the trend is clearly lower and bears
will focus on further projection levels to $1.6209 and eventually to
$1.5960, which represents a 100% projection of the July/Sep decline.
Daily studies have made a bearish cross and are well above oversold
territory, although hourly studies are understandably oversold.
Resistance is at $1.6600 ahead of $1.6710.