Wednesday June 8, 2005 - 00:42:29 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 8th June 2005 Price:
Resistance: 1.2487 ... 1.2512 ... 1.2541 ... 1.2560
Support....: 1.2442 ... 1.2405 ... 1.2373 ... 1.2352
Slightly mixed and require breach of 1.2440 or 1.2512 to trigger further moves
The dip down to 1.2428 concerns and does open the risk of further losses. To revert to a bullish stance we would require 1.2440-45 to support and for gains to rally above 1.2487 and then 1.2512. Breach of this higher area would bring relief to the downside and imply potential for a move to 1.2541-60. Further resistance is at 1.2590-00.
Loss of 1.2447 surprised and does raise the possibility of continued losses. Indeed, we feel the 1.2440 area is important and loss would suggest the decline should reach the 1.2403-09 area at least with further potential for a move to the stronger 1.2352-73 supports.
Elliott Wave Comments:
8th June 2005
With loss of 1.2444 we are slightly concerned although the fact that we have seen a dip to 1.2428 only may imply a small breach only. However, we have to consider that the 1.2597 high actually represented the Wave -iii- high which would mean we are seeing Wave -iv- develop and could have stronger bearish implications. Thus we shall watch what happens over today & tomorrow to get a better idea of the likely wave structure.
(c) FX-Strategy Inc 2005
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