Sunday July 24, 2005 - 02:09:51 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 25th July 2005 Price:
Resistance: 1.2983 ... 1.3003 ... 1.3040 ... 1.3080
Support....: 1.2940 ... 1.2917 ... 1.2880 ... 1.2825
While 1.2917& 1.2874-84 support we look for gains to 1.3030-40
The break above 1.2930 should give price a further lift. However, we may first see the 1.2980-85 area cap for a pullback to 1.2917 at least (max 1.2874-84) from where we look for a rally to the 1.3003 and 1.3030-40 areas. However, this is expected to cap. Further resistance is at 1.3075-80.
With the move above 1.2930 we feel the bias will again be higher today. However, we feel there may be any early pullback from the 1.2980-85 area that should reach 1.2917 at least. A further selling opportunity should come at the 1.3030-40 area (with stops above 1.3080). Alternatively a direct break of 1.2870 would imply immediate losses down to 1.2800-25.
Elliott Wave Comments:
25th July 2005
Having reviewed the daily cycles and consider the greater risk is still lower we are adjusting our thoughts to the risk of a 5-7 week pullback in Daily Wave (iv) and the implications of how erratic this may be. Thus we are now looking at the dip to 1.2699 as Wave -a- and from here we look to be seeing a complex Wave -b- that we feel will be in the pattern of a triangle. Thius should keep the move sideways to complete Wave -b- and to be followed by Wave -c-.
Given the positive nature of the weekly cycles we do feel we should give thought to the possibility of an expanded flat over the coming month but we need more information and price development to judge the pattern when it comes. However, most certainly this is unlikely to be an easy wave to predict.
(c) FX-Strategy Inc 2005
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