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 Impulse Wave pattern wave (i) 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 0.9712 price area which is the termination point of Bearish wave Y – Bearish Double Zig Zag. In my judgment, price action in USD/CHF currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave (i) leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave leg which is part of a higher degree bullish wave Z Elliott wave pattern.
Currently, Bullish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.9746 price area. However; if the price of USD/CHF currency pair breaks below 0.9712 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.
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Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of USD/CHF currency pair.
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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.
To me; price is trying to complete the Bullish Triple Zig Zag Elliott wave pattern. Now, market is rising up to complete the bullish wave Z leg. The bullish wave Z leg is the last and final rise as price is going to drop after that. Within the Bullish Triple Zig Zag Elliott pattern, all five sub-waves must sub-divides into 3, 3 and 3 waves structure pattern.
The following Elliott Wave Bullish Corrective pattern diagram shows us a completed Bullish Triple Zig Zag wave leg within the frame work of Elliott wave principle.
Based on my USD/CHF Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Zig Zag Elliott pattern. Now, price is probably going to rise up to complete the bullish wave C leg. To me; in fifteen minutes chart of USD/CHF currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as a Zig Zag wave 4 corrective wave pattern in a 15 minutes price chart.
Strong key support level is present at 0.9668 in USD/CHF four hours chart. So, I expect market to rise up more now to complete the Bullish corrective wave pattern – wave Y leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in USD/CHF currency pair, in 4 hours chart. However; price should stays above 0.9668 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.9668 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.
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 0.9765 price area, as price is going to rise up towards 0.9845 but a clear bearish break down in price action below 0.9668 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 0.9746 price level and price is probably going to rise towards 0.97775 price level. However; if the price of USD/CHF currency pair breaks below 0.9712 vital support level then bullish 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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