Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/CHF: buy target - 0.9800

  • USD/CHF reversed from strong support level 0.9500
  • Next buy target - 0.9800

By: Dima Chernovolov

USD/CHF yesterday reversed up strongly from the major support level 0.9500 (this is the 3rd consecutive reversal form this support level in the last two months, as you can see from the daily USD/CHF chart below). The support zone near 0.9500 was strengthened by the lower daily Bollinger Band, the 38.2% Fibonacci retracement of the previous sharp upward correction ②from January and by the 200-day simple moving average.

USD/CHF is likely to reverse up from the current levels toward the next buy target at the resistance level 0.9800. Buy stop-loss can be placed below the strong support level 0.9500.

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