Tuesday November 8, 2005 - 00:34:45 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 8th November 2005 Price:
Resistance: 1.3075 ... 1.3105 ... 1.3129 ... 1.3162
Support....: 1.3033 ... 1.3021 ... 1.2992 ... 1.2964
We favor the pullback having completed and for gains above 1.3105-30 for a move to 1.3226 and possibly 1.3258-69
A marginal new high seen at 1.3105 and a shallow pullback seen which appears to have completed at 1.3033 this morning. While this support remains intact we feel a break above 1.3105 and then 1.3130 would allow the upside to resume and we would then expect a minimum move to 1.3226 and more likely to the 1.3258-69 area. There is a high risk of pullback from this area.
Although a correction has been seen this has remained above 1.3033 and may well have completed the pullback from 1.3105. Thus for any bearish stance to be valid we shall require a reversal back below 1.3024-33 and if seen would suggest room for losses to 1.2992 at least and probably then 1.2932-40.
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.
8th November 2005
Though a marginal new high at 1.3105 was seen, we see what appears to be a flat correction was seen from there. We label the 1.3105 high as Wave a of Wave iii of Wave -c- with the move down to 1.3033 this morning completing a 50% pullback in Wave b and thus we look for the resumption of the uptrend in Wave c of Wave iii of Wace -c-. This should make its way higher to the 1.3269-75 targets mentioned yesterday.
(c) FX-Strategy Inc 2005
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