FORECASTING FINANCIAL MARKETS USING ELLIOTT WAVES THEORY AND GENERAL TECHNICAL ANALYSIS.
Thursday, May 15, 2014
UsdChf not ready to break the channel
I can't remember the last time I traded this pair but I won't overlook the set-up it's forming at the moment.
This pair has been in a bearish channel since october 2013 and it's not broken yet.
Presently, after a flat correction pattern formed, we could see this pair continuing the bearish trend and probably break out of it.
Looking at the daily chart closely, a pin bar reversal candlestick bearish pattern has just been formed at a very critical level. Markets rarely ignore this kind of set-up. I will look to ride this pair downward. I hope I can enjoy it
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