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