MONTLHY CHART: A bear signal was given after the break of the long term 38.2% level and Jun-09 low just under 0.8400.

Current focus is on the 0.8168 50% pullback level, so far providing temporary support. Lower levels are likely in due course.

WEEKLY CHART: Breaks of the rising support lines and 0.8397 Jun-09 low implied the longer term chart had topped out.

Support from a 76.4% retracement level at 0.8190 was eroded, but only briefly so far.

DAILY CHART:

The recent pullback from just above a 38.2% recovery level has found support from a s/term 76.4% level (which coincides with the longer term 76.4% level).

In the Commodity Specialist Guide we have maintained an overall bear stance, but a recovery through the bear channel top projection and also 0.8532 19-Jul high would be bullish. In this event bear momentum would have diminished for the time being, with a better recovery phase then signalled.

A clear breach of the current 76.4% support should herald clear new 2010 lows.