Tuesday July 26, 2005 - 01:08:51 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Francy 26th July 2005 Price:
Resistance: 1.2980 ... 1.3003 ... 1.3040 ... 1.3080
Support....: 1.2932 ... 1.2892 ... 1.2870 ... 1.2841
Slightly mixed with 1.2991 & 1.2892 triggering the next move
The 1.2991 level has held thus far and we now need to watch for the next break. There is still room for gains to reach 1.3040 but this will require the 1.2892 level to support and a break of 1.2991 would then allow the rally to 1.3040. Next resistance is at 1.3080 and is unlikely to break at this point.
Price broke marginally above the 1.2980-85 area with a peak at 1.2991. If this is to cap then we need a break below 1.2892 and if seen this would cause follow through to 1.2841 at least and we suspect to the 1.2806-18 Fibonacci & pivot support which we consider should hold. Further support is found at 1.2772 & 1.2749.
Elliott Wave Comments:
26th July 2005
We need to apologise for failing to correctly update yesterday's Elliott Wave count which now sees Daily Wave (iii) at 1.3080. The drop to 1.2749 is therefore Wave -a- and now we feel there is risk of a sideways consolidation for a few more days in Wave -b- before the downside comes under pressure again.
The rally from 1.2749 appears to have occurred in to sets of ABC and has retraced approximately 76.4% of the decline but we cannot rule out a third ABC pattern to the 1.3040 area before the decline continues - or further sideways consolidation. A direct break of 1.2806-18 and then 1.2749 would suggest a direct ABC pattern lower and a decline to 1.2660 at least where Wave -c- is equal to Wave -a-.
(c) FX-Strategy Inc 2005
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