Wednesday November 10, 2004 - 00:47:23 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc November 10th Price: ... 1.1845
Resistance: 1.1865 ... 1.1900 ... 1.1925 ... 1.1940
Support....: 1.1825 ... 1.1795 ... 1.1770 ... 1.1750
While 1.1795-1.1825 holds we remain cautiously bullish for 1.1925-40 at least
The 1.1860 resistance caused a slightly larger than expected correction but we feel that it has a good chance of breaking today. This could lead to a small break towards 1.1865 initially but while any correction remains above 1.1825 (max 1.1795) we feel that continued gains should be seen towards 1.1925-40 where another small correction should be seen before a move towards 1.1964-80 at least. Further good resistance seen around the 1.2003 corrective high.
The failure to break above 1.1860 has not given the bullish stance much satisfaction though this should be seen today and thus we put a bearish view on hold. Only a move back below 1.1825 and then 1.1795 would provoke a stronger move lower with a test of the 1.1753 low most likely. Good support is still seen at 1.1725 and only breach would accelerate losses down to 1.1645.
Elliott Wave Comments:
November 8th 2004
We now approach the 1.1725-50 target area. To recap, the 1.1750 area is implied as a 38.2% extension in Wave [B] within a weekly/daily Expanded Flat Correction from the 1.2140 low at the start of this year. The 1.1725 level is implied as a Wave (C) target of wave equality with Wave (A) lower from 1.3226 to 1.2203. Within the Wave (v) of Wave (C) we see a Wave c target representing wave equality with Wave a at 1.1715. Thus these levels should provide an impact early this week. Next supports would be at 1.1645 being a 61.8% projection for Wave (v) and also 1.1530 being a 76.4% projection for Wave (v).
(c) FX-Strategy Inc 2004
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