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: sell target – 0.9060

By: Dima Chernovolov

  • USD/CHF reversed from resistance level 0.9350
  • Next sell target – 0.9060

USD/CHF recently reversed sharply down from the resistance level 0.9350 (coinciding with the 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1 from April). The previous impulse wave earlier broke through the strong support level 0.9500 and the 200-day moving average (as you can see below) – thereby giving strong bearish signal. The latest downward reversal from the resistance level 0.9350 completed the previous minor correction 2 and starting the active impulse wave 3.

USD/CHF is likely to fall further toward the next sell target at the support level 0.9060 (which reversed the previous minor impulse wave 1).

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