Wednesday August 17, 2005 - 00:46:00 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 17th August 2005 Price:
Resistance: 1.2585 ... 1.2626 ... 1.2648 ... 1.2676
Support....: 1.2533 ... 1.2510 ... 1.2497 ... 1.2461
We look for 1.2580-90 to cap and for losses to reach 1.2497-1.2510 before recovering
Gains seen to the 1.2614 target with a small breach that remained below the key 1.2630 resistance. We expect a pullback lower for today with 1.2580-90 likely to cap for a move back to 1.2497-1.2510 which should provide a good buying opportunity with stops below 1.2461. From this anticipated low we look for a second move higher that should move back above 1.2580-90 and 1.2626 and onto the 1.2700-20 area at least and possibly 1.2756. However, this may take until tomorrow to complete.
1.2614-30 provided the cap for short positions to be established. We now look for 1.2580-90 to cap and for losses to continue towards 1.2497-1.2510 but would recommend taking profits there. Only below 1.2461 would imply direct losses to move below 1.2432 and probably to 1.2416 at least. Further support seen at 1.2382.
Elliott Wave Comments:
15th August 2005
No real change from Friday's comments. We note the daily harmonic retracement level (41.4%) in Wave (iv) at 1.2416 and feel the reversal from 1.2432 may well have satisifed the downside for now. Thus we are looking for Wave -x- to develop with 41.4% and 50.0% retracement levels at 1.2700 and 1.2750. This area should be tested at a minimum.
17th August 2005
The move to 1.2626 completed an ABC pattern and thus we now look for a Wave x which should move down to the 1.2497-1.2510 area and should be followed by a second ABC pattern up to the 1.2700-50 area which itself should form Wave -x- from where a further ABC pattern lower to 1.2416 minimum and possibly as deep at 1.2278.
(c) FX-Strategy Inc 2005
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