Thursday March 31, 2005 - 00:47:07 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 31st March 2005 Price:
Resistance: 1.2004 ... 1.2030 ... 1.2067 ... 1.2084
Support....: 1.1963 ... 1.1944 ... 1.1914 ... 1.1874
We look for 1.1955-65 to support and for gains to move through to 1.2067-84 at least - possibly 1.2103
The correction from 1.2084 reached our 1.1943-54 support and remained above the full 1.1914 retracement point to keep the bullish stance valid. We now see the 1.1955-65 area supporting and should then cause follow-through to the 1.2067-84 area at least with a small chance of seeing 1.2103. However, we look for a pullback from this target but this should remain above 1.2022-37 to lead towards an eventual test of 1.2202 at least though this may take until tomorrow.
Having seen losses as anticipated that remained above the 1.1914 support we are not that keen on a bearish stance. There may be an opportunity to sell for a small pullback at 1.2067-84 though stops should be placed above 1.2105 and profits should be taken by the 1.2040-50 area. Thus a more bearish stance would only be considered should the 1.1950 area be broken and then we would look for losses to make their way down below 1.1914 and to the stronger 1.1800-20 pivot support.
Elliott Wave Comments:
28th March 2005
With the break of 1.2028 we have had to re-evaluate the wave structure and now consider the 1.1808 peak as Wave -i- with the 1.1743 low as Wave -ii-. From these we can generate potential targets for Wave -iii- with 1.2202 representing a 138.2% projection and 1.2280 a 161.8% projection. In the meantime we do not expect Wave -b- of Wave -iii- to decline below the 50% retracement at 1.1914.
31st March 2005
With the ideal 1.1914 retracement target remaining intact we are encouraged with our bullish view and count yesterday's 1.1924 low as Wave -b- of Wave -iii-. This should now imply that we see gains to the target areas at minimum 1.2202 and possibly 1.2263-80.
(c) FX-Strategy Inc 2005
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