Tuesday January 4, 2005 - 01:48:59 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 4th January 2005 Price:
Resistance: 1.1510 ... 1.1537 ... 1.1576 ... 1.1620
Support....: 1.1437 ... 1.1405 ... 1.1370 ... 1.1345
Mixed - waiting for breaks
Yesterday's gains reached the 1.1560 area and we thought this would confirm further strength but the pullback has been deep. Thus we would prefer to wait for further breaks higher to follow a more bullish stance. The first key resistance is not too far away at 1.1505-10 and break here would imply a move back to the 1.1560-76 area at least. It is possible that this would hold and thus for further gains wait for a break above 1.1580 which would then imply gains up to 1.1620 and probably to retest the 1.1683 high.
The pullback from yesterday's high at 1.1560 has been deep and may suggest that the upside is complete. However, we feel a more prudent approach would be to wait for break of 1.1405 to confirm. This would then provoke further losses back down to 1.1345 and we feel that a move back down to the 1.1276-83 area is quite possible. Further support is found at 1.1207.
Elliott Wave Comments:
4th January 2005
The recovery to 1.1560 forces us to be more cautious although we still prefer a bearish stance. However, this will require the 1.1561-76 area to hold and can be counted either as a Wave (ii) or Wave -c- of a declining triangle. In turn both scenarios will imply losses down to the 1.1276-83 area with any break allowing losses to extend down to 1.1207 and probably towards the 1.1100-36 area in Wave (iii)
(c) FX-Strategy Inc 2005
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