Top trade idea for May 26th, 2016 – USDCHF

Top trade idea for May 26th, 2016 – USDCHF

By Mircea Vasiu on May 26, 2016 09:36:39 GMT

  • Tweet
  • Email
  • Tweet
  • Email

I am bullish USDCHF here as no matter how you look at this structure on the daily chart there is only one conclusion that can be drawn: it is a corrective pattern.

Not only that it is a corrective pattern, but it should be followed by an impulsive wave so the move that started from 0.9749 should not stop until we have a new high above 1.03, as crazy as this may sound.

Having said that, the rules of an impulsive move should be respected on this trip higher and I would say it is a trade with a high probability of reaching the target.

Putting some fundamental events in front of this analysis leads to three reasons for why this move may happen: ECB next Thursday, NFP or Fed in June. In all cases, market should position for the event before, so expect the US dollar to gain some strength from this moment on.

Therefore, staying long for 1.0327 with 0.9749 is our recommendation.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

Recent posts by Mircea Vasiu

  • Top trade idea for November 17th, 2016 – EURAUD
  • Top trade idea for November 10th, 2016 – GBPCHF
  • Top trade idea for November 3rd, 2016 – USDCAD

MORE LIVE RATES
Economic Calendar ForexNews.com News, Charts, Research & Video

Copyright © ForexNews.com | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.


*