WEEKLY CHART: The long term 38.2% level has once more been violated, together with certain support lines that include the one shown.

This initial bear break still needs the confirmation from a break of the Jun-09 low just under 0.8400.

Next focus would then be on the 0.8168 50% pullback level, but with lower levels likely thereafter.

DAILY CHART:

The cross has now neared the Jun-09 low, which lies just above the bear channel base projection.

S/term support around here would not surprise, but recovery attempts are not currently expected to be long-lasting - already recent rallies have struggled near the 0.8800 level, and the higher 0.9000 area (channel top) does not look achievable now.

Lower bear projections will be calculated following a clear break of the 0 8400 area; meanwhile we keep in mind the 0.8168 50% level from the long term chart.