Wednesday October 12, 2005 - 00:48:35 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 12th October 2005 Price:
Resistance: 1.2954 ... 1.2988 ... 1.3005 ... 1.3042
Support....: 1.2877 ... 1.2848 ... 1.2822 ... 1.2794
Cautiously we look for 1.2920-54 to cap and for losses to resume
Dollar gains were seen as expected, initially stalling at the 1.2918 pivot resistance but has broken higher this morning and we look for gains to reach 1.2954-68. Cautiously we look for a peak to develop in this area and for the larger correction lower to resume. Thus, a stronger bullish stance will require a break above 1.2968 and if seen would extend gains to 1.3005 where a pullback is possible. Next resistance is then found at the 1.3042 high.
Gains seen as expected and we are now approaching the 1.2954 target. We note resistance at this level and at 1.2968 and while this area holds we cautiously look for the larger pullback lower to resume. A break below 1.2920 and then 1.2877 will assist lower towards the 1.2774-1.2823 area once again. Further support is found around 1.2725.
Elliott Wave Comments:
11th October 2005
The move down to 1.2669 may have completed Wave [B] although we feel this is a little too brief. The nature of the decline was a little unclear though we felt this was in five waves and thus could be only Wave a of Wave [B]. If this is correct then we would not expect the current move higher to reach above 1.2954 and should then imply a move down to marginal new lows. We retain 1.2639 as a 50% pullback from 1.3042 with 1.2544-70 then implied for a deeper 58.6%-61.8% pullback.
(c) FX-Strategy Inc 2005
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