Wednesday November 9, 2005 - 01:01:00 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 9th November 2005 Price:
Resistance: 1.3140 ... 1.3171 ... 1.3226 ... 1.3269
Support....: 1.3084 ... 1.3067 ... 1.3033 ... 1.3000
We look for 1.3067-84 to support to generate a recovery to 1.3171 and later to the 1.3269-75 target
We had not anticipated the peak at 1.3171 on the assumption that the rally would be a bit stronger. Never-the-less we feel that the correction has probably completed at 1.3084 and only while 1.3124-40 caps would we feel there is any further downside risk to 1.3067. Once above 1.3124-40 we will look for a retest of the 1.3171 area but after the pullback look for gains to reach the 1.3269-75 target where we expect a slightly larger pullback. Next resistance is at 1.3319.
Although we did not anticipate the extent of the pullback from 1.3171 we see good support at 1.3067-84 and we may have seen the low already. Thus any stronger bearish stance would require a move below 1.3065 and if seen then losses should extend down below the 1.3033 corective low and to 1.3000 at least. Between 1.2965 and 1.3000 we see good support to generate further gains.
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.
9th November 2005
We were not quite prepared for the pullback from 1.3171. However, we now treat this as being Wave iii of Wave -c- higher and the 41.4% pullback to 1.2084 has probably completed Wave iv and thus we look for a rally in Wave v to complete Wave -c- and thus Wave -iii-. The 1.3269-75 area still remains the most likely target being a 223.6% projection in Wave -c- and also a 223.6% projection in Wave -iii- while a 61.8% projection in Wave v will imply a target at 1.3275. Thus this should cause a peak and a pullback in Wave -iv-.
(c) FX-Strategy Inc 2005
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."