USD/CHF Signal - May 2, 2012

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By: Fadi Steitie

Currency: USD/CHF
Trend Expected Direction: Up
Method: Elliott Waves and Fibonacci Levels
Description: Just pointing out a soft target in USD and Swiss Frank pair after the trend broke the resistance level at 0.9125 pivot which became a support now (Red Circle). As per Elliott logic, a forth wave in a form of Zigzag is in progress that would hit 0.318 Fibonacci level which comes exactly on wave iv at 0.9125 and from that point, I expect a further progress in trend toward soft target 0.9175.
Recommendation: Buy and hold
Target Area: 0.9175
Stop Loss: 0.9100

USD/CHF Signal - May 2, 2012

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wav principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

In addition to sharing his trades as a member of the DailyForex trading team, Fadi is an expert trader on eToro, a social platform that allows traders to copy experts quickly and easily. Copy Fadi's trades on eToro here.