Sunday March 20, 2005 - 13:00:43 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 21st March 2005 Price:
Resistance: 1.1663 ... 1.1687 ... 1.1710 ... 1.1742
Support....: 1.1630 ... 1.1595 ... 1.1560 ... 1.1545
While 1.1595 supports we look for a rally to 1.1770-80
Break of 1.1595 has led to the rally to 1.1680 and just a few points higher and from where we have seen a pullback. This pullback may well have completed at 1.1630 but we should also be aware of the risk of a move back down to 1.1595 and will expect this area to support. However, the main risk today should be higher and once a break is seen above 1.1687 we feel there should be further gains. We should also use a little caution at 1.1710 but overall we continue to see the main direction as higher to 1.1770-80.
Breach of 1.1595 will now mean that this area should now support. Thus only a clean break of 1.1595 would cause follow-through with support then seen at 1.1560 and at 1.1545. This latter support is important and even if seen we feel it should hold. Only break here would mean that the larger risk is turning lower for a move below the 1.1501 corrective low and probably lower to move below the 1.1476 low and onto 1.1420 at least and possibly lower.
Elliott Wave Comments:
21st March 2005
Break above 1.1596 should now imply a test of the Wave -b- corrective high at 1.1778 and we expect this over the next few days. Being a 138.2% projection of Wave -i- it should cause a pullback in Wave -iv- before a rally in Wave -v-. We shall need to watch price development but we feel the 1.1970 area could well provide a peak for Wave -v-.
(c) FX-Strategy Inc 2005
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