Saturday November 5, 2005 - 23:30:11 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 7th November 2005 Price:
Resistance: 1.3083 ... 1.3122 ... 1.3162 ... 1.3192
Support....: 1.3033 ... 1.3001 ... 1.2974 ... 1.2942
We look for 1.3001 (max 1.2940-50) to support and for gains above 1.3083
The pullback to the 1.2874-00 area occurred a little sooner than expected and held above our stops to see a strong rally to 1.3083. There may be risk of a further pullback early on and we feel this should be held at 1.3001 to allow the upside to follow-through higher. (We also note a small risk of this pullback moving to 1.2940-50) Once back above 1.3083 look for the rally to move higher towards 1.3130 at least and we feel a test of the weekly corrective peak at 1.3226. More significant resistance is found around 1.3269-75.
With the strong break higher we feel any bearish stances can be for corrections only and with cycles positive these could well be shallow. We do feel that a move down to the 1.3001 area is possible at least. Only a break here would suggest price could slip further but we then see good support at 1.2940-50. Any stronger bearish stance requires a break of 1.2937 and would then suggest a move back to 1.2864.
Elliott Wave Comments:
7th November 2005
The slightly larger pullback occurred from 1.2938 and we now feel this provided a peak in Wave a, the 1.2864 pullback being Wave b and now we are seeing Wave c in development. We favor this being an extended move with a minimum move to 1.3162 but we tend to favor higher to the 223.6% projection at 1.3269-75 where Wave -iii- is also a 223.6% projection of Wave -i-. We shall watch progress but consider the risk of a pullback stronger as we move to these higher levels.
(c) FX-Strategy Inc 2005
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