USD/CHF Signal - May 2, 2012

Fadi Steitie

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

About the Author
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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