USD/CHF: Wait for the Market to Bounce
08/12/2015 7:00 am EST
In this video, Christopher Terry, of iMarketsLive.com, takes a technical look the forex market and reviews the Harmonic Butterfly pattern that has formed on the 4-hour chart for this currency pair.
Taking a look at the USD/CHF on the shorter-term time frame, traders can see the Harmonic Butterfly pattern forming a potential bottom and any reaction up will be a shorting opportunity with risk above the market's recent high. Traders should watch for watch for a shorter-term setup for an entry.
At the time of this video, the market is testing the swing low, so traders should look for a basic corrective wave back up. Watch for any kind of corrective wave back up for an opportunity to short the pair, however, it is important not to be in a rush to short the pair but wait for the market to bounce.
By Christopher Terry, Contributor, iMarketsLive.com