Wednesday April 27, 2005 - 01:23:41 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 27th April 2005 Price:
Resistance: 1.1919 ... 1.1936 ... 1.1965 ... 1.1984
Support....: 1.1870 ... 1.1845 ... 1.1822 ... 1.1800
Mixed - waiting for breaks
Range trading seen yesterday with no break of 1.1835-50 or 1.1919 and these levels remain the key for the next move. Thus a bullish stance today requires a break of 1.1919 and would then imply a recovery to 1.1965 where we see good resistance and is the barrier to further gains. Only if seen would we look for further gains towards 1.1984 & 1.2020.
No break of the 1.1850 pivot support and this remains key for the downside with the only risk being for a marginal break to 1.1835 before higher. However, we give this low risk and if the 1.1850 level breaks we feel that losses can extend towards 1.1800-07 which could provide a small pullback. However the break lower would appear to suggest the decline moving all the way to the 1.1742 area which should hold, if seen, on the day.
Elliott Wave Comments:
27th April 2005
We have tidied up the wave count but we still need to decide whther the 1.2195 peak was Wave ^b of a larger triangle or merely Wave (a) or Wave (iii) higher. Our preference marginally goes in favor of the triangle. This implies the decline to 1.1739 was Wave -a- of Wave ^c and we need to see how Wave -b- develops. It may have been completed at 1.1919 but we should allow for a 50% retracement of Wave -a- which rests at 1.1965.
(c) FX-Strategy Inc 2005
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."