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USD/CHF Forecast today 12th July, 2017

USD/CHF Forecast today 12th July, 2017

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USD/CHF Forecast today

USD/CHF Forecast today in 15 Minutes chart

The bearish trend is present in USD/CHF currency pair, 15 minutes time frame based on USD/CHF Forecast today. As I have forecasted few hours ago, the price of USD/CHF pair is going to drop up now on a short-term basis to print a bearish impulse wave (iii) leg and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.

Strong key resistance level is present at 0.9676 price area which is the termination point of bearish wave (i) leg. In my judgment, price action in USD/CHF currency pair is now going to move sideways and expect a possible Bearish Running Triangle Pattern at wave (iv) location. Corrective wave (iv) Elliott wave pattern is going to waste some time and expect market to remain sideways for the rest of the day. Based on Elliott wave analysis, the current bullish wave (iv) is just a pull back in a down trend. So, after the completion of wave (iv) I expect the market to resume the bearish trend to print a Bearish Impulse wave (v) leg.

Currently, Bearish Running Triangle pattern looks in-complete. So, a good idea is to first wait out side of the market and allow price action of USD/CHF to complete the bearish running triangle pattern. Next, look for a possible sell trading chance to join the down trend around r price area. However; if the price of USD/CHF currency pair breaks above 0.9676 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the USD/CHF Elliott wave analysis in fifteen minutes chart.

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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of USD/CHF currency pair.

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USD/CHF Forecast today in 4 Hours chart

Below is the 4 hours chart of USD/CHF pair with my Elliott wave analysis which shows us a big picture and a newly started bearish trend as well.

USD/CHF Forecast todayTo me; price has completed the Bullish b leg which is part of a Bullish Expanded Flat pattern. Now, market is falling down to print the bearish wave c leg which is the last and final leg as well to complete the Bullish Expanded Flat Elliott wave pattern. Bearish wave c is an impulse pattern. Within the bearish wave c leg, all sub-waves must sub-divides into 1, 2, 3, 3 and 5 impulse wave pattern.

The following Elliott Wave Corrective wave pattern diagram shows us a completed Bullish Expanded Flat corrective pattern within the frame work of Elliott wave principle.

Bullish Expanded Flat

Based on my USD/CHF Forecast today in 4 hours chart, we have got an in-complete Bearish wave c leg. Now, price is probably going to drop more to complete the Bearish wave c impulse pattern.

To me; in fifteen minutes chart of USD/CHF currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as a bullish wave (iv) corrective leg.

Strong key resistance level is present at 0.9694 in USD/CHF four hours chart. So, I expect market to falls down more now to complete the bearish wave c leg which is going to complete wave (B) of a Flat pattern. So, in my opinion market is going to resume the down trend in USD/CHF currency pair, in 4 hours chart.
However; price should stays below 0.9694 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.9694 resistance area will end down trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/CHF 4 hours chart.

Summary

Based on USD/CHF Forecast today the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.9635 price area, as price is going to drop more towards 0.9585 but a clear bullish break out in price action above 0.9694 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/CHF 15 minutes time frame and a good idea is to take a sell trade around 0.9620 price level and price is probably going to drop towards 0.9600 area. However; if the price of USD/CHF currency pair breaks above 0.9676 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.

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About Muhammad Azeem

In year 2012, Mr. Azeem passed Certified Elliott Wave Analyst Level 1 Exam with 93% score. Trading Style and Methodology: Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. YouTube Forex Trading Education Channel He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

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