Trend is bullish in USD/CHF currency pair, 30 minutes time frame. As I have suggested yesterday during my daily Live trading room session, market is rising up on a short term basis to Complete Bullish Wave A leg which is part of a larger version of a bullish Zig Zag pattern and traders should look for a long trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has ascended. Strong key support level is present at 0.9536 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CHF is now going to drop first before it goes back up towards 0.9765 price level to complete bullish Wave C leg, in coming trading days.
Currently; I expect price to start the drop which is just going to be a short term pull back. Bearish pull back in price action offers a possible Buy trade setup to join an up trend. However; if price of USD/CHF currency pair breaks below 0.9536 critical support level then I might like to stay out of the market and re-examine the thirty minutes chart of USD/CHF currency pair.
See the attached screen shot image of USD/CHF 30 minutes chart.
This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here