Wednesday May 11, 2005 - 00:55:13 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 11th May 2005 Price:
Resistance: 1.2026 ... 1.2042 ... 1.2068 ... 1.2093
Support....: 1.1986 ... 1.1965 ... 1.1935 ... 1.1879
Mixed - waiting for breaks but there does appear to be risk for a dip to 1.1965-86
With the 1.2014 support having broken we need to be a little more cautious. We prefer a scenario that calls for support at 1.1986 to hold though prudently we should allow for 1.1965. Thus while this area holds and we see a move back above 1.2042 initially and then 1.2068 we would look for continued gains through to above 1.2093 and to 1.2145-50 at least. Further resistance and target is at 1.2190-00.
Losses from 1.2094 have broken below the 1.2014 level and this causes some confusion. However, before getting too bearish we will need to see a move below 1.1965-86 and to feel more comfortable, below 1.1935 also. If seen then we'd look for losses to extend down to 1.1879 and probably the 1.1837 corrective low.
Elliott Wave Comments:
11th May 2005
We have been a little frustrated with the marginal breaks of support & resistance but continue to view the underlying direction as higher to the 1.2190-00 target. We note a 50% retracement of Wave iii is at 1.1986 while an alternative count would have support around 1.1965 (max 1.1935) and thus we look for resumption of the move higher soon.
(c) FX-Strategy Inc 2005
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