Sunday October 23, 2005 - 10:04:24 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 24th October 2005 Price:
Resistance: 1.2937 ... 1.2959 ... 1.2985 ... 1.3006
Support....: 1.2891 ... 1.2862 ... 1.2823 ... 1.2802
While 1.2891-1.2907 supports we see progress to 1.3038 at least and possibly 1.3080-1.3130
The reversal back above 1.2884 and 1.2909 is suggesting the larger uptrend is resuming. This should see 1.2891-1.2907 providing support for a move through to 1.3038 at least and after a small pullback we susepct a move to the 1.3080-1.3130 area. However, we may have to wait for tomorrow for this to complete.
Failure for price to move below 1.2802 on Friday and the firm reversal suggests the downside needs to be placed on hold. Only a dip below 1.2891 begins to display some weakness and it would then be possible for price to extend losses to 1.2802-1.2823 at least. Below here is required to generate a stronger bearish stance for 1.2750-77.
Elliott Wave Comments:
24th October 2005
The failure to break below 1.2796-1.2824 suggests we can now label 1.3073 as Wave [i] and 1.2802 as Wave [ii] within the final Wave [C] of daily Wave (v). We can generate a Wave [iii] target at 1.3360 being 138.2% of Wave [i]. Within this look for a move to the 1.3080-1.3130 area in Wave [a] to generate a correction in Wave [c] before rising to the 1.3360 target. We should also note a daily Wave (v) target at 1.3347.
(c) FX-Strategy Inc 2005
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