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: A motive follows expanding triangle in a corrective wave cycle going from (B) to (C) with expanded 5th heading toward 2.618 Fibonacci golden ratio as shown on chart. That would complete one corrective cycle and I do think another corrective waves would be on the way dragging the pair down.
Recommendation: Sell
Target Area: 0.9500
Stop Loss: 0.9600
