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  4. USD/CHF Signal May 23, 2012
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USD/CHF Signal May 23, 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: Down
Method: Elliott Waves and Fibonacci Levels
Description: Upper moving channel after the currency hits wave (iii) followed be a flat correction ended at 0.93720 then to wave (v) where inverted hammer took a shape just above 70 level RSI with a divergence from wave (iii) which confirm a top level has reached. I do expect a falling correction ZigZag to form wave (II) shortly after a break in Wave (I) strength.
Recommendation: Sell and Hold
Target Area: Open
Stop Loss: 0.9550

USDCHF Signal 52312

Fadi Steitie
About 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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