USD/CHF: Bearish Impulse Wave
Muhammad Azeem | Jul 21, 2017 10:10AM ET
Bearish trend is present in USD/CHF . As I suggested few hours ago, during my daily Forex Live Trading Room session, the price of USD/CHF is falling down on a short-term basis to create a Bearish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has started the bearish leg. Strong key resistance level is present at 0.9521 price level which is the ending point of bullish wave iv leg. In my opinion, price action in USD/CHF currency pair has completed Bullish wave iv corrective wave and currently moving downwards to create a Bearish Impulse Elliott Wave Pattern. Based on Elliott wave forecast, Bearish Impulse pattern wave v is now in progress. So, I expect the market to first move sideways and then resume the down trend and drop towards 0.9450 price area in coming trading hours.
Next, price action is most likely going to prints a bottom as well in coming trading hours after completing bearish wave v impulse wave pattern. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current USD/CHF bearish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave v pattern which is part of the Bearish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend.
However; if the price action in USD/CHF spot Forex pair breaks above 0.9521 important resistance level then Bearish Elliott wave Forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the USD/CHF price movement in the fifteen minute chart.
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