Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Wednesday, August 4, 2010
i m moving today to a pair that i didn't trade for long time , the USD.CHF , as i can see that its the only pair that the dollar has been stably gaining or ranging for a while , today i have seen a close above the 1.05 level which is the daily 20 MA , i see a test of the 1.06 level coming up with probably a break above following it , i m putting buy orders around the 1.05 level with sl at 1.0450 and taking profits at the test of the 1.06 level , might keep a part of the position for this possible break up , will alert on the Twitter for position updates , i m also having the AUD and the EUR on my radar but for all this suffer choppy market movements , i wont be looking to analyze it or the s&p 500 as well from the Elliott Waves prospective cause its very confusing at the moments with alot of equal possibilities but i m planning this trade upon the chart i posted yesterday for the dollar index which have seen already a small bounce today that took the RSI up a bit from the oversold levels but still looking for at least a short term reversal for the dollar trend on yesterdays chart
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