Tuesday November 22, 2005 - 00:32:08 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 22nd November 2005 Price:
Resistance: 1.3225 ... 1.3249 ... 1.3268 ... 1.3284
Support....: 1.3172 ... 1.3153 ... 1.3131 ... 1.3105
We look for follow-through to 1.3249 at least and we suspect the 1.3268-84 area before a pullback
Price bounced perfectly from our 1.3067-84 support area and cautiously we feel the final leg of the uptrend has begun. This could be direct but we should allow for a pullback to 1.3133-53 but overall we shall expect a test of 1.3249 at least and we suspect the 1.3268-84 area. However, we shall look for a pullback from this area. Next resistance is at 1.3347.
Failure to break below 1.3067-84 tends to argue against the downside today. We feel there may be a brief opportunity to sell around 1.3268-84 but do not hold on to this for too long. Only an earlier break below 1.3133 would renew the downside for a test of yesterday's 1.3079 low with breach causing a test of the critical support at 1.3022. Breach would cause losses down to 1.2976-85.
Elliott Wave Comments:
21st November 2005
The failure to break higher concerns but until the 50% pullback in Wave -iv- at 1.3022 breaks we feel the risk is still higher in Wave -v- of this final rally higher. We feel the higher support at 1.3067-84 (representing 38.2% and 41.4% retracements) are likely to support and trigger gains.
22nd November 2005
With the reversal from our 1.3067-84 support area we now label the 1.3079 low as Wave -iv- and look for development of the final Wave -v- of Wave [C] of daily Wave [v]. The first stalling point should be close to the 1.3284 high which should be followed by a brief pullback and then a final rally in Wave -v- to the daily Wave [v] projection at 1.3347 at least and we suspect somewhere between the 66.67% projection at 1.3434 and the wave equality target for Wave [C] at 1.3500.
(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."