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USD/CHF Elliott Wave Forecast 22nd August, 2017

USD/CHF Elliott Wave Forecast 22nd August, 2017

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USD/CHF Elliott Wave Forecast

USD/CHF Elliott Wave Forecast in 15 Minutes chart

The bullish trend is present in USD/CHF currency pair, 15 minutes time frame based on USD/CHF Elliott Wave Forecast. As I have forecasted few hours ago, the price of USD/CHF pair is going to rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.

Strong key support level is present at 0.9600 price area which is the termination point of bearish wave B leg. In my judgment, price action in USD/CHF currency pair is now rising up to print a Bullish Wave C leg. So, market is going to rise up more now to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag leg which is part of a higher degree bullish wave d Elliott wave leg.

Currently, Bullish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join the up trend around 0.9658 price area. However; if the price of USD/CHF currency pair breaks below 0.9600 vital support level then up 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.

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

USD/CHF Elliott Wave Forecast 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 well started bullish trend as well.

USD/CHF Elliott Wave Forecast

To me; price is trying to complete the Bullish Contracting Triangle Elliott wave pattern. Now, market is rising up to complete the bullish wave d leg. The bullish wave d leg is not the last and final decline as price is going to drop lower and rise up several more times to complete the sideways looking Triangle pattern. Within the Bullish Contracting Triangle pattern, all sub-waves must sub-divides into a, b, c, d and e waves Zig Zag pattern.

The following Elliott Wave Triangle pattern diagram shows us a completed Bullish Contracting Triangle leg within the frame work of Elliott wave principle.

Bullish Contracting Triangle

Based on my USD/CHF Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Contracting Triangle pattern. Now, price is probably going to rise up to complete the bullish wave d leg. To me; in fifteen minutes chart of USD/CHF currency pair the bullish leg in price action is just a pull back in an up trend as mentioned above as a bullish Zig Zag inside a 15 minutes price chart.

Strong key support level is present at 0.9586 in USD/CHF four hours chart. So, I expect market to rise up more now to complete the bullish wave d leg. So, in my opinion market is going to remain sideways and then resumes an up trend in USD/CHF currency pair, in 4 hours chart. However; price should stays above 0.9586 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.9586 support area will end an up 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 Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 0.9640 price area, as price is going to rise up towards 0.9790 but a clear bearish break down in price action below 0.9586 vital support area will end an up trend. On a short term basis, it is a bullish trend in USD/CHF 15 minutes time frame and a good idea is to take a buy trade around 0.9658 price level and price is probably going to rise towards 0.9690 price level. However; if the price of USD/CHF currency pair breaks below 0.9600 vital support level then bullish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.

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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. 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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