Thursday May 26, 2005 - 00:16:15 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 26th May 2005 Price:
Resistance: 1.2296 ... 1.2320 ... 1.2359 ... 1.2386
Support....: 1.2243 ... 1.2205 ... 1.2170 ... 1.2147
Mixed - waiting for breaks
The 1.2314 area held three times yesterday and this, and 1.2332, remains the key to any strength. Breach of this resistance area will enable the Dollar to extend its gains with 1.2359 and 1.2386 the next stops. Watch this higher area - breach here would cause follow-through to 1.2458.
Failure at 1.2243 frustrated. We now need to see 1.2314-32 hold and for losses to break below 1.2243 to generate further losses to 1.2205 at least and we feel back to 1.2122-47.
Elliott Wave Comments:
25th May 2005
While we have labeled the 1.2359 Wave -a- we are not 100% confident of this with the entire wave structure really unclear. If this is correct then the pullback has been insufficient but we need a stronger move below 1.2243 to confirm. If this is seen we should concentrate on the 1.2122-47 area first which covers the (unlikely) expanded flat structure from 1.2288 and also a 38.2% retracement of the Wave -a-.
Any move above 1.2359 would suggest that the 1.2147 - 1.2359 move was a Wave i and thus the decline to 1.2243 was Wave ii and thus we should be expecting a move up to 1.2384 at least and probably the daily 1.2458 target.
(c) FX-Strategy Inc 2005
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