Tuesday June 21, 2005 - 00:35:57 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 21st June 2005 Price:
Resistance: 1.2736 ... 1.2765 ... 1.2791 ... 1.2825
Support....: 1.2675 ... 1.2650 ... 1.2630 ... 1.2610
Mixed - waiting for breaks
Reversal higher was not expected but will only follow-through higher if we see a move above yesterday's high at 1.2736. If seen then look for gains to extend back to 1.2765 and possibly higher to above 1.2791 and to 1.2825 at least and probably 1.2857.
Reversal higher dented our bearish outlook. To revert to the downside we require a break back below 1.2650-75 and if seen would trigger losses back down to 1.2610. If this breaks then look for a retest of 1.2568. Further support seen at 1.2533 and 1.2481.
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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