Friday March 11, 2005 - 00:41:20 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 11th March 2005 Price:
Resistance: 1.1544 ... 1.1580 ... 1.1608 ... 1.1646
Support....: 1.1513 ... 1.1495 ... 1.1473 ... 1.1445
While 1.1495-1.1515 continues to support we feel the main direction will be higher today
Losses came down to the 1.1513 target yesterday. We do see a small risk of breach to 1.1495 but overall we look for current levels to provide excellent buying opportunities with stops below 1.1470. First resistance is at the 1.1544 corrective peak but we look for this to be breached fairly quickly and for gains to reach 1.1608 and 1.1665 over the day.
With the 1.1495-1.1515 looking quite firm we are not in favor of a bearish stance today. Thus only a break of 1.1495 would allow losses to 1.1473 which would cause a pullback and it is possible this would last the rest of the day. Only below here would accelerate losses down to 1.1424 and possibly 1.1370.
Elliott Wave Comments:
10th March 2005
To update we feel that the 1.1583 low can be labeled as Wave -iii- of the decline from 1.1778 and that 1.1553 looks to be Wave -a- of Wave -v- and thus there remains a risk of a move down to 1.1515-25 still. Above 1.1624 and 1.1646 confirms reversal and a move back to the Wave -b- high at 1.1778.
11th March 2005
It looks like we have met our target and now, while 1.1495 holds, we look for gains to move back to the intervening Wave -b- at 1.1778 initially but which should cause a pullback.
(c) FX-Strategy Inc 2005
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