Wednesday January 10, 2007 - 04:56:18 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for USDCHF
Resistance: 1.2446 ... 1.2472 ... 1.2504 ... 1.2537
Support: 1.2420 ... 1.2397 ... 1.2370 ... 1.2340
Cautiously we feel that while 1.2443-72 caps for a correction lower
No break below 1.2330 and instead further gains above 1.2410 which have reached the first resistance at 1.2443. However, we see good resistance in the 1.2443-72 area and we feel this area is likely to cap. Thus a stronger bullish stance will require break above 1.2475 and if seen the next resistance is at 1.2504 and stronger around the 1.2537 corrective peak which should cause a reaction lower.
Break of 1.2410 suggests a move to 1.2443-72 from where a correction should develop back to the mid 1.22â€™s before further gains up to 1.2537 at a minimum. (January 10th)
Failure at 1.2330 has brought additional strength but we see good resistance around 1.2443-72 which we expect to cap and provide a correction lower. A move back below 1.2395 will assist and allow losses to 1.2340 where a small pullback is possible.
We are having to adjust our structure to a more bullish one but there should be a reaction from 1.2443-72 which should see a correction back down to the mid 1.22â€™s. (January 10th)
ELLIOTT WAVE COMMENTS
The break above 1.2410 causes us to concentrate on the 76.4% projection at 1.2443 which has been seen already and then the 223.6% projection in Wave â€“iii- at 1.2472. Here we expect a correction in Wave â€“iv- that should reach to around a 41.4% pullback which should be in the mid 1.22â€™s.
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