FxWirePro: Copper extends rout, breaks new supports every week, next major bear target at 200W SMA

• Copper is extending weakness for the 6th straight week, bias remains bearish.
   
• The pair has been on a rampage since beginning of June and we see further extension of downside.
   
• Price has been breaking major supports every week:
  - Ichimoku cloud at 2.895
  - 100W-SMA at 2.794
  - 38.2% Fib at 2.791
  - trendline aupport at 2.752
   
• The next major bear target lies at 200W SMA at 2.622. Violation there will open up further downside.
   
• Momentum indiactors have approached oversold levels on the weekly chart which could see minor pullbacks.
   
• Larger trend remains bearish and we see no major signs of reversal. 
   
• Retrace above 100W SMA at 2.80 could see some consolidation. Break above cloud will negate bearish bias. 

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 55.4973 (Neutral) at 1145 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.