Tuesday September 13, 2005 - 00:43:15 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 13th September 2005 Price:
Resistance: 1.2593 ... 1.2619 ... 1.2642 ... 1.2660
Support....: 1.2551 ... 1.2530 ... 1.2491 ... 1.2465
While 1.2543-74 supports we look for gains to reach 1.2619-42 at least
The break above 1.2462-67 confirmed further gains which have reached 1.2593 thus far. Indeed, while 1.2543-74 supports we feel that further gains are more likely and should imply a move back above 1.2593 and to the 1.2619 level at a minimum and probably the 1.2642 area where the risk of a further pullback is strong. Next resistance is then found at 1.2660 and 1.2703.
With the persistent move higher seen yesterday we feel that the downside should be restricted - and we are close to the anticipated support at 1.2543-51. Only a break here would imply that a deeper pullback is likely with losses expected to extend down to 1.2491 at least where a small pullback is likely. Next support is at 1.2465 and then 1.2415.
Elliott Wave Comments:
12th September 2005
The structure we had been considering on Friday looks a little wrong but the adjustment looks more bullish. The point to be noticed is that the correction from 1.2467 to 1.2385 represented a 50% pullback to the rally from 1.2307 to 1.2467 and thus looks more to be a Wave b retracement in Wave iii. Thus we look for Wave c of Wave iii to develop with targets which can be projected at: 1.2536-45 being 138.2% of Wave i, at 1.2576 being 161.8% and whould there be any aggressive follow-through we should watch out for resistance at 1.2655 where Wave c is equal to 161.8% of Wave a and also 1.2742-50 where Wave iii is 261.8% of Wave i and where the last Wave b lies in the decline from 1.3080. This higher target does look attractive.
13th September 2005
The break above 1.2574 now suggests a move to the 261.8% Wave iii target at 1.2742, this being the level of the prior Wave b resistance. We feel that we should see Wave iii of Wave c complete around 1.2642 where a pullback is possible but while this remains above the broad 1.2550 area the rally can reach the 1.2742 target.
(c) FX-Strategy Inc 2005
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