WEEKLY CHART The long term bear channel base has again tried to support the fall in values here.

At this stage we have marked in the current 23.6% recovery at 1.3500 (of the downmove from Dec-08 1.5881 high). A break/close through this would be a positive sign, but also see Daily chart.

DAILY CHART:

In the Commodity Specialist Guide we have been looking at a s/term Fibo projection, which recently impeded bear progress and prompted a bounce.

At this stage the first interesting resistance comes from a bear channel top projection, around 1.3685 currently. A break through this would imply serious loss in downward momentum. Subsequent pullbacks would then more likely be temporary.

Meanwhile bears must continue to be given due respect.