Estimated reading time: 4 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 Double 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 0.9359 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 prints a Bullish corrective wave Y leg. So, market is going to remain bullish on a short term basis. Next, expect a top and a drop as well. Based on Elliott wave analysis, the current bullish price action is the Bullish Double Zig Zag corrective wave pattern which is part of a higher degree corrective Bullish Wave C pattern – wave 4.
Currently, Bullish Elliott wave pattern wave Y looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.9434 price area. However; if the price of USD/CHF currency pair breaks below 0.9359 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.
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To me; price is trying to complete the Bearish Running Triangle pattern. Now, market is moving sideways to complete the corrective wave 4 leg. The bearish wave 5 leg is the last and final decline in price action because after that I expect price action to prints a bottom. Within the Bearish Running Triangle pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 3 waves pattern.
The following Elliott Wave Bearish Running Triangle diagram shows us a completed Bearish Running Triangle Wave 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 Running Triangle Pattern at wave 4 location. Now, price is probably going to move sideways and then falls more lower to complete the Bearish impulse wave 5 leg. 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 Bullish Double Zig Zag corrective wave leg inside a 15 minutes price chart.
Strong key resistance level is present at 0.9469 in USD/CHF four hours chart. So, I expect market to first rise up to print bullish wave C leg and then falls down more to complete the rest of the triangle legs. 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 0.9469 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.9469 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 0.9445 price area, as price is going to drop more towards 0.9235 but a clear bullish break out in price action above 0.9469 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 0.9434 price level and price is probably going to rise up towards 0.9454 price level. However; if the price of USD/CHF currency pair breaks below 0.9359 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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