Tuesday August 30, 2005 - 00:04:31 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 30th August 2005 Price:
Resistance: 1.2688 ... 1.2718 ... 1.2750 ... 1.2785
Support....: 1.2632 ... 1.2615 ... 1.2580 ... 1.2560
While 1.2515-32 supports we look for gains to reach 1.2750-85
Clearly the dip to 1.2503 was extremely annoying but we have finally seen the anticipated reversal and we remain bullish. The most we see in a pullback is the 1.2615-32 area and on a break above 1.2688 and then 1.2718 we will look for gains towards 1.2750-85 at least where we expect a pullback. Next resistance is then found at 1.2856.
The reversal from 1.2503 suggests that the long awaited reversal has been seen and thus the downside is not really favored. The most we expect to see in a retracement is the 1.2615-32 area. Thus only below here would extend the decline down to the 1.2560-80 area at least and possibly 1.2546.
Elliott Wave Comments:
29th August 2005
Little to add from Friday's comments except the decline to and recovery from 1.2515-18 appears to fit well within our larger picture of a sideways correction and we now see Wave c rallying towards the 1.2864-71 area but keeping in mind the 76.4% retracement of the decline from 1.3080-1.2432 which rests at 1.2927.
30th August 2005
While the additional dip to 1.2503 was very frustrating the reversal was very encouraging and we feel that Wave c is now under development. Within this rally we see resistance in the 1.2750-85 area which could stall but the Wave equality target now at 1.2856 beckons - and we still cannot rule out the 76.4% retracement at 1.2927.
(c) FX-Strategy Inc 2005
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