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Thursday June 30, 2005 - 23:23:46 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 1st July 2005

Price: 1.2829

Resistance: 1.2853 ... 1.2876 ... 1.2901 ... 1.2926
Support....: 1.2790 ... 1.2766 ... 1.2746 ... 1.2713

Bias: There is support around 1.2790 and while this holds a sideways correction is possible before gains

Bullish: We have seen the anticipated sideways correction and this should continue a while longer with 1.2790 supporting. While this holds we look for an eventual move above 1.2876 to give a lift towards 1.2926-60 at least. Next support is at 1.3030-65.

Bearish: With a bearish divergence seen at the 1.2876 peak we need to acknowledge the risk of losses. However, we would not want to get too bearish until the 1.2746 level is broken. Only if seen would we then look for losses to extend down to 1.2690-00 at least. Next support is at the 1.2655 corrective low.



Elliott Wave Comments:

29th June 2005

Yesterday's move higher appears to destroy the expanded flat scenario and we have therefore cuatiously re-labeled to display a more bullish stance. This now projects a Wave -v- target around 1.3065 where a daily Wave (iii) is equal to 161.8% of Wave (i). We note that Wave -c- of Wave -v- would be equal to 161.8% of Wave -a- at 1.3092. Firstly we suspect that Wave a of Wave iii will test the 1.2840-57 area and cause a brief pullback before extending higher towards 1.3030 being 138.2% of Wave i.

30th June 2005

Wave a of Wave iii appears to have ended at 1.2876 and thus while a 50%-58.6% retracement between 1.2746-66 supports we feel the risk still lies with a move higher towards the 1.3065 target.



(c) FX-Strategy Inc 2005

Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.

 

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