ForexPros Daily Analysis May 11, 2011
Free webinar on ForexPros - Market Timing in Forex
Expert: Sam Seiden
Start: Thu, May 12, 2011, 10:00 EST
End: Thu, May 12, 2011, 11:00 EST
During this session, Sam will deliver the rules to a simple market timing strategy and then apply these rules for
day and swing trading in the Forex market. This strategy allows traders to time the markets turning points, in
advance, with a very high degree of accuracy.
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I'm still sticking with the USD/CHF daily short...
There's a stall in the U.S. Dollar that indicates that the bears are feeling brave. If this keeps up, the 75.36 high
that surrounded by two lower highs on the daily chart could signal an aggressive three-candle reversal pattern.
Along with the 50 period SMA and lack of buying support above the major psychological level at 75.00, this
could usher in near-term weakness. The Swiss Franc looks reading to move lower as the 20 period SMA sits
overhead pressuring buyers and weighting down the bounce within the (very) established downtrend.
The swing short zone remains between the 20 period SMA and 34 period EMA low but prices have not been
able to travel much past the resistance of the 20 period and support above 0.8800 remains elusive. If however
the bulls can establish support above the “00”, the tone could chance for the short-term, very quickly and
move the pair towards 0.8900. The near-term bullishness that has created the correction on the daily chart still
has the 30 and 60-minute charts in mark up trends which does validate swing buys on the 30-minute (only).
This is a counter-trend entry and should be taken on a time frame no larger than the 30.
Forex Trading Analysis written by Raghee Horner for ForexPros. For more information about forex news visit ForexPros.
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