This is the trade that was recommended on Friday at the previous analysis appearing to be materializing. The chart pattern shows how the correction wave was over and is now going up again. Even though it has gained near 30 pips you can still get into it as the Trend indicators remain Up ,wave is neutral and far from being overbought. Keep an eye on the 1.6060 level however at that area was visited twice recently and may be trouble there.
I wouldn’t really recommend any other trade at the moment because pairs are either in extreme territory in the same direction as their trend but take a look at this setup on the USDCHF.
The pair trend indicators are all pointing down both at the 4-hour and 1 day time frame which indicates you should sell it. It oversold however only under the 1 day time frame indicating that it has further way to go down at the moment. It can be seen under the 1 day chart that it is approaching the 0.9200 important psychological level where everything can happen there. You may want to sell here and target 0.9200. Or you can also to wait for a bounce at 0.92 to buy or break to sell.
Today the markets are characterized by Euro strength , US Dollar decline, decline in Australian and New Zealand Dollars.
The EURJPY/USDJPY pairs do continue to show upwards strength but at the moment I would avoid trading those two pairs as they are under a down wave and seem to have problem breaching a critical resistance level which they have visited twice. EURJPY( 107.70) USDJPY (82.80)
Read about the Trend/Wave/Extreme system here.