Tuesday October 25, 2005 - 00:36:05 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 25th October 2005 Price:
Resistance: 1.2925 ... 1.2949 ... 1.2964 ... 1.2985
Support....: 1.2862 ... 1.2848 ... 1.2831 ... 1.2802
We prefer a bullish stance but require 1.2848-64 to support for gains towards 1.2964-85 initially
Losses were deeper than expected but held above the 1.2802-23 support and we are seeing a cautious move back higher this morning. We do prefer a bullish stance but need 1.2848-64 to support and for a move above 1.2894 and then 1.2925 to keep the momentum positive for 1.2964-85. This area could well cause a small pullback. Breach of this resistance would suggest stronger gains towards 1.3073 and 1.3130.
Although the pullback was deeper than expected yesterday this did not move below the 1.2823 lows and this will be required to imply a larger pullback lower. First support is between 1.2848-64 and breach would then highlight the downside risk. Breach of 1.2802 would extend losses to 1.2773-77 and then lower. Next support is then found at 1.2701.
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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