Thursday October 28, 2004 - 00:46:45 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 28th October 2004 Price: ... 1.2080
1.2100 ... 1.2125 ... 1.2145 ... 1.2180
1.2040 ... 1.2020 ... 1.2000 ... 1.1985
While 1.2100 holds there is chance of a move back to 1.2000-20 before higher
We begin the day with price testing the 1.2095-00 resistance area. Until this breaks we feel there is chance of a pullback to 1.2020. Thus from this lower support or a direct break above 1.2100 we look for the final rally up to the 1.2145 Fibonacci & pivot resistance which we feel will cap. Further resistance is found at 1.2180 & 1.2210.
We are a little cautious as we start the trading day with price knocking against the 1.2095-00 resistance. While it holds we feel there is room for a pullback to 1.2000-20 before the final rally to the 1.2145 target. However, given the strength seen over the past couple of hours we would prefer to see a move below 1.2060 to encourage the initial bearish stance. Further support is found at 1.1955.
Elliott Wave Comments:
October 26th 2004
With the break of 1.2080-00 we have been forced to reconsider the entire structure. From the daily cycle image is can be seen that we have adjust the labeling of the sideways move following the 1.2203 low which we feel resembles a triangle. The end of this is a little ambiguous but Fibonacci relationships tend to support a count that has the 1.2682 high as the completion of Wave (e) of Wave (B) from where we need to measure a five-wave move lower. We feel that the 1.1905-36 area could well mark the end of Wave (iii) and should allow a correction back to 1.2100-50 in Wave (iv) before losses down to target at 1.1835-55. Further support is found at 1.2725-50.
October 28th 2004
With the recovery to 1.2100 thus far we anticipate a full 50% correction to the Wave (iii) decline from 1.2365 to 1.1923 at 1.2145. This should complete Wave (iii) and generate losses that should reach the weekly expanded flat correction target at 1.1885 (23.6%) and possibly 1.1835. We remain cautous though with a daily target also implied at 1.1750 which matches with a 38.2% expanded flat correction.
(c) FX-Strategy Inc 2004
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."