WEEKLY CHART: The last downleg has seen the 76.4% pullback level tested, where we look to see if support can emerge.

Certain bull signals are not yet in place on the Daily chart...

DAILY CHART:

The market remains supported by the 76.4% pullback level, initial resistance found at the 1.4780 01-Mar low at the start of Jun.

The slightly higher 1.4895 23.6% recovery level of the whole fall from 1.7042 Aug-09 high offers first interesting resistance though - a close through this would be an initial positive sign.

However, the higher bear channel top projection which currently coincides with prior 1.5125 lows offers the most important resistance here, with a breach of this to suggest a better recovery phase was underway.

Meanwhile in the Commodity Specialist Guide we are keeping in mind a lower projection just above 1.3800, a 2.618 swing off prior Oct/Nov-09 upleg.