Cable had suffered an impulsive breakdown in the past 2 weeks, with channel uptrendline drawn from April 2006 failing to hold. Rebounded from 38% Fib support level, it is now approaching our more comfortable region and looks likely to test key resistance at 2.015-2.020, with a break above indicating further risk to its pivot zone at 2.05. While we would be excited to let a head and shoulders pattern develop, we have to first see how Cable would play out at the 2.015-2.020 region. For now, outlook remains bearish with a further downside risk towards 1.95-1.96.
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