By: Fadi Steitie
Currency: USD/CHF
Trend Expected Direction: Choppy
Strategy: Elliott Waves and Fibonacci Trading.
Description: I do see an ending Diagonal as of wave five in USDCHF which
is a bit choppy and risky trade. Trend is now in wave (c) heading
toward 0.93308. I expect a drop to wave (d) at 0.91780 before it
commence to final wave (e) targeting 2.618 Fibonacci level or at
0.93920. Trading in such a situation with a conflict in economic news
is not recommended. Therefore, I would suggest to watch trend closing
at 0.93920 before I do a short selling. We will notice a drop in
Relative Strength Index (RSI) once trend land on wave V (e). I will
make a follow up sometime next week on a Short strategy. Best of Luck
on your trade.
Action: Stay aside or short once currency reaches 0.93920
Target Area: 0.93920
Stop Loss: 0.9100
Risk: 100%
