Tuesday November 23, 2004 - 00:31:19 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc November 23rd 2004 Price: ... 1.1633
Resistance: 1.1649 ... 1.1665 ... 1.1686 ... 1.1710
Support....: 1.1606 ... 1.1577 ... 1.1540 ... 1.1505
While 1.1606 holds we prefer a bullish scenario to 1.1686-1.1705 before lower
We have amended our sights here a little and look for 1.1606-13 to continue supporting the Dollar to allow further upside gains back towards 1.1649 and we feel a deeper move to 1.1686 can be expected at least with an ideal target for this pullback to be in the 1.1700-10 range where we look for the downtrend to resume.
While our underlying view is bearish we tend to feel that an earlier and deeper correction higher is probable. Thus we consider 1.1686 a good selling point with stops above 1.1710. From here, or a direct loss of 1.1606, we look for losses to move down to the 1.1535-40 area which should generate a further pullback. Further support is seen at 1.1484-1.1505.
Elliott Wave Comments:
November 23rd 2004
We have altered our wave count slightly and consider the 1.1577 level seen on Friday to be the end of Wave iii of Wave -c- and this therefore implies that a move down to 1.1535-40 should complete Wave -c- and thus Wave -iii-. However, we suspect that any pullback from 1.1535-40 should be brief and allow looses down to the 1.1410-40 area at least and possibly 1.1370 before the end of Wave (a) of Wave (iii) lower.
(c) FX-Strategy Inc 2004
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