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USD/CHF Elliott Wave Forecast 7th November, 2017

USD/CHF Elliott Wave Forecast 7th November, 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 Impulse Elliott Wave pattern wave iii 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 0.9987 price area which is the termination point of Bullish wave i leg. 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 v 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 leg which is part of a higher degree Bullish Impulse Elliott wave pattern wave 5.

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 1.0006 price area. However; if the price of USD/CHF currency pair breaks below 0.9987 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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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 Running Triangle Elliott wave pattern. Now, market is moving sideways to up to complete the Wave 4 corrective leg. The bullish wave 5 leg is the last and final rise as price is going to drop after that. Within the Bullish Running Triangle Pattern Elliott wave pattern, all five sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves structure pattern.

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

Bullish Running Triangle pattern

Based on my USD/CHF Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Running Triangle Triangle Elliott wave. Now, price is probably going to rise up to complete the bullish wave 5 impulse wave. To me; in fifteen minutes chart of USD/CHF currency pair the bearish leg in price action was just a pull back in an up trend as mentioned above as a Bearish Zig Zag corrective wave pattern in a 15 minutes price chart.

Strong key support level is present at 0.9835 in USD/CHF four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse wave 5 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 0.9835 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.9835 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 1.0025 price area, as price is going to rise up towards 1.0099 but a clear bearish break down in price action below 0.9835 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 1.0006 price level and price is probably going to rise towards 1.0035 price level. However; if the price of USD/CHF currency pair breaks below 0.9987 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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