Friday May 27, 2005 - 01:02:28 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 27th May 2005 Price:
Resistance: 1.2386 ... 1.2404 ... 1.2432 ... 1.2458
Support....: 1.2344 ... 1.2324 ... 1.2293 ... 1.2275
Care - but while the 1.2324-44 area supports the upside can continue to 1.2458
Breach of 1.2314-32 has assisted higher but has not yet looked aggressive. Indeed, we need to see 1.2324-44 support now and cause a break above 1.2386-1.2404 to keep the upward momentum intact for 1.2450-58. Further resistance lies at 1.2500.
While the break above 1.2332 looks positive the move has hardly been that strong. Thus while our preference is bullish we do need to be mindful of a possible complex correction. This scenario requires a move below 1.2324 and if seen would cause losses down to 1.2275 and probably the 1.2228-43 area.
Elliott Wave Comments:
27th May 2005
We are still struggling with the wave count with the problem being the shallow nature of the pullback from 1.2359 to 1.2243. This could mean that we are seeing an expanded flat correction from 1.2359 and this would imply a return to 1.2228-43 before the Wave -c- can begin.
However, should we see 1.2324-44 remain intact and a move above 1.2386 we would then see follow-through to 1.2450-58 initially where a daily Wave equality target lies and then higher to 1.2602 where Wave -iii- is equal to 261.8% of Wave -i-.
(c) FX-Strategy Inc 2005
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