7-29-2016 12-09-32 AMHello Traders

This is an update about USD/CHF 1 hour chart sell trade setup.

Trend is down in 1 hour chart. Key resistance level is present at 0.9950 price level. In last few trading days, USD/CHF currency pair is sliding down in a corrective wave pattern.

The bearish leg is Wave A. Now, I do expect a bullish leg – Wave B which offers a possible sell trade setup in coming trading days.

As the trend is still bearish and we should only look for short trades. However; a bullish break down in market action above 0.9950 price level will fail bearish Elliott wave forecast and in such case; I would prefer to stay out of the market and re-analyze price action in USD/CHF 1 hour time frame.

See the attached screen shot image of USD/CHF 1 hour chart

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