Thursday April 28, 2005 - 01:28:07 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 28th April 2005 Price:
Resistance: 1.1935 ... 1.1963 ... 1.1984 ... 1.2021
Support....: 1.1898 ... 1.1873 ... 1.1854 ... 1.1826
Mixed - waiting for breaks
The bounce from the 1.1963 target encourages a more bearish outlook but the sharp pullback from there has held above the 1.1850-55 support thus far. Indeed, any bullish scenario will require this support level to remain intact and then see a break back above 1.1935-63. If seen we would then look for gains to continue towards 1.1984 and then 1.2021 en route the next larger resistance at 1.2078.
Loss from 1.1963 encourages a bearish outlook now although we should really wait until we see a breach of the 1.1850-55 support. Indeed, there is risk of a period of sideways trading which would likely be in the 1.1875-1.1945 range. Thus, should we see 1.1875 break it will highlight the risk of follow-through and below 1.1850 would confirm these continuing to the 1.1784-92 area at least with 1.1760 also implied.
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.
28th April 2005
Yesterday saw the rally end at the 1.1963 resistance and we feel this now ends Wave -b- and should translate into further losses in Wave -c- to reach the 1.1595-1.1646 area over time. A break of the prior Wave b area around 1.1850-55 would confirm these losses with the favored target being at 1.1595-1.1615. We need also observe the prior weekly downtrend line which should now be providing support (and did so at 1.1739) and will update assuming the expected decline develops.
(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."