Estimated reading time: 3 minutes
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 Triple 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 0.9818 price area which is the termination point of bearish wave X leg. In my judgment, price action in USD/CHF currency pair is now rising up to print a Bullish corrective wave Z leg. So, market is going to rise up to prints a bullish Z wave which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Triple Zig Zag corrective pattern which is part of a higher degree Bullish Wave X corrective wave pattern.
Currently, Bullish Zig Zag corrective 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 0.9844 price area. However; if the price of USD/CHF currency pair breaks below 0.9818 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 actually bearish in higher time frame of USD/CHF currency pair.
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 bearish trend as well.
To me; price is trying to complete the Bearish Triple Zig Zag pattern. Now, market is moving sideways to complete the corrective wave X leg. The bearish wave Z leg is the last and final decline in price action. After that I expect price action to prints a bottom. Within the Bearish Triple Zig Zag pattern, all sub-waves must sub-divides into a corrective 3, 3 and 3 waves Zig Zag pattern.
The following Elliott Wave Bearish Triple Zig Zag diagram shows us a completed Bearish Triple Zig Zag pattern 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 Bearish Triple Zig Zag Pattern. Now, price is probably going to move sideways and then falls more lower to complete the Bearish Triple Zig Zag wave Z leg. To me; in fifteen minutes chart of USD/CHF currency pair the bullish leg wave Z in price action is just a pull back in a down trend as mentioned above as Bullish Triple Zig Zag leg inside a 15 minutes price chart.
Strong key resistance level is present at 0.9946 in USD/CHF four hours chart. So, I expect market to falls down more now to complete the bearish wave Z leg. So, in my opinion market is going to remain sideways and then resume the down trend in USD/CHF currency pair, in 4 hours chart.
However; price should stays below 0.9946 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.9946 resistance area will end the 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.
Based on USD/CHF Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.9875 price area, as price is going to drop more towards 0.9710 but a clear bullish break out in price action above 0.9946 vital resistance area will end the down 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 0.9844 price level and price is probably going to rise up towards 0.9885 price level. However; if the price of USD/CHF currency pair breaks below 0.9818 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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