Tuesday June 7, 2005 - 01:12:24 GMT
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Forex: Daily Forecast for the U.S.Dollar vs Swiss Franc 7th June 2005 Price:
Resistance: 1.2521 ... 1.2559 ... 1.2575 ... 1.2618
Support....: 1.2463 ... 1.2447 ... 1.2409 ... 1.2373
We still need 1.2447-63 to support but a move above 1.2521 is required to generate the anticipated rally
Yesterday's dip was slightly deeper than expected but with 1.2447 remaining intact it does appear to favor further gains. However, to give this greater weighting we need a move above 1.2521 and if see we would then look for follow-through to 1.2559 and 1.2575 at least. However, we suspect a move to 1.2618-44 is more likely.
While we saw loss of 1.2475 the decline stalled at 1.2463 and until the 1.2447-63 area breaks we are less inclined towards a bearish scenario. However, until 1.2521 breaks we need to keep this scenario in mind and should we see this resistance hold with subsequent loss of 1.2447-63 we would then begin to look for losses to move down to 1.2409 at least and probably the 1.2352-73 area.
Elliott Wave Comments:
6th June 2005
With 1.2444 having held we now consider the 1.2447 low seen on Friday can be labeled as Wave iv of Wave -c-. This now provides a basis for a move up to 1.2579-96 initially and probably 1.2717-23 thereafter which represents a Wave v projection of 76.4% and where Wave -c- is equal to Wave -a-.
(c) FX-Strategy Inc 2005
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