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  4. USD/CHF Signal- May 15, 2012
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USD/CHF Signal- May 15, 2012

By Fadi Steitie
Fadi Steitie
By Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

Currency: USD/CHF
Trend Expected Direction: Up
Method: Elliott Waves and Fibonacci Levels
Description:Using Andrews PitchFork to justify the channel that the Swiss frank is traveling through, again I expect a further progress after wave 4 hits 0.382 Fib level near 0.93338 and progress upward hitting 2.618 Fibonacci level at 0.94100 with expanded final fifth wave and also to complete 100% of wave C that started on may 7th at 0.9200 price point. I do recommend to invest a small amount of lots due to expanded fifth wave risk factor.
Recommendation: Buy and hold
Target Area:0.94100
Stop Loss:0.9300

USDCHF Daily 51512

Fadi Steitie
By Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

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