The FX Specialist view -

WEEKLY CHART So far a 3-wave, corrective structure has developed from the Jun low:

- it has failed just ahead of 76.4% resistance, raising questions as to whether the bull move has run its course (note how a former 76.4% level was effective in late 2009).

DAILY CHART:

After the market failed ahead of the 76.4% retracement level (no requirement for this to be tested) the continued drop below the 20-Oct 1.3696 low has provided a modest sign of momentum loss.

However, more important are the current bull channel base (now under pressure) and then the 1.3333 06-Aug high, just above which resides a 38.2% pullback level - violating these supports would have more certain bearish implications.

Subsequent rally attempts should then prove temporary ahead of further bear activity.