Wednesday August 11, 2004 - 01:26:33 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Swiss Franc 11th August 2004Price 1.2615
Resistance: 1.2630 ... 1.2655 ... 1.2685 ... 1.2715
Support....: 1.2610 ... 1.2585 ... 1.2560 ... 1.2540
Initially testing 1.2655 but expect a pullback from there
We were disappointed not to see a test of the 1.2460 target but the rally above 1.2590 suggests that 1.2491 completed the first leg of the larger consolidation. Today we see an early test of the 1.2655-60 area but would then expect a pullback. However, while this holds above 1.2560-80 we tend to prefer a scenario that calls for further strength towards 1.2675-85 at least and possibly 1.2715.
We feel that any early test of 1.2655 should provide a selling opportunity for a dip down to 1.2560-80. However, only below the lower end of this range and at 1.2540 would threaten further losses down to 1.2490-1.2520 once again. Below 1.2490 would target 1.2405 at least.
Elliott Wave Comments:
August 9th 2004
We have had to adjust the wave count slightly and the best fit we could come upw ith is shown below. Within this Wave [iii] is around 161.8% of Wave [i] although Wave [v] is quite stunted. A 61.8% retracement of Wave A is at 1.2450 and Wave (c) is equal to 261.8% of Wave (a) at 1.2460. Thus we feel this area should complete the first move. Assuming this is right we have a three wave decline and will either imply a double zig zag or a more complex correction. We shall attempt to identify the correct pattern as price develops over this week.
(c) FX-Strategy Inc 2004
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."