WEEKLY CHART In the FX Specialist Guide we have been noting the rising support line that was running through the 0.7500 area.

A weak close on the week would see an initial break of this, when downside focus would turn to the 23.6% 0.7248 pullback level for potential support (but also see Daily chart).

DAILY CHART:

Good resistance had previously emerged from around the 0.7835 22-Nov high (near to a 76.4% bounce level, not shown).

The drop back from this has now seen a violation of the 0.7521 21-Jan low which provides a s/term negative sign. The 0.7329 16-Dec low could provide support, but more interesting could be the bear channel base projection just above 0.7200 now. Currently, s/term rallies should prove temporary.