Saturday June 18, 2005 - 22:59:46 GMT
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Forex; Daily Forecast for the U.S. Dollar vs Swiss Franc 20th June 2005 Price:
Resistance: 1.2609 ... 1.2638 ... 1.2675 ... 1.2700
Support....: 1.2551 ... 1.2533 ... 1.2510 ... 1.2480
While 1.2609-33 caps we look for losses to 1.2510
Loss of 1.2650 suggests the 1.2791 high completed the medium term uptrend. Thus we feel the upside is limited for now with resistance at 1.2609 & 1.2633-45 which is likely to hold. More likely we feel any earlier test of 1.2510 should provide a corrective recovery.
Losses moved below 1.2650 and have almost reached the next support area at 1.2551. While this may give a temporary bounce we look for this to remain below 1.2609 (max 1.2633-40) and expect a test of the 1.2510 area. Further support found at 1.2450-80.
Elliott Wave Comments:
20th June 2005
We now have to count the 1.2791 high as Wave -v- to complete Wave (c) of Wave (iii) higher. Thus we can expect a period of sideways to lower trading for a while but suspect this may turn out to be an expanded flat correction. For now we see losses to the Wave b of Wave -v- at 1.2510 and this may cause a temporary pullback but a test of the 1.2409 Wave -iv- low also seems likely later.
(c) FX-Strategy Inc 2005
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