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:
Resistance: 1.2853 ... 1.2876 ... 1.2901 ... 1.2926
Support....: 1.2790 ... 1.2766 ... 1.2746 ... 1.2713
There is support around 1.2790 and while this holds a sideways correction is possible before gains
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.
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
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