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.

EUR/CHF: sell targets – 1.0300 and 1.0250

By: Dima Chernovolov

  • EUR/CHF reversed from resistance level 1.0500
  • Next sell targets – 1.0300 and 1.0250

EUR/CHF recently reversed down from the strong resistance level 1.0500. This is the 3rd consecutive reversal from this resistance level in the last two months (this level reversed waves (iv), 1 and (i), as you can see below). The resistance zone near the resistance level 1.0500 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci Correction of the previous sharp intermediate downward wave (B) from February. The downward reversal from the resistance level 1.0500 started the active minor correction (ii) – which earlier broke the Ascending Triangle from April.

EUR/CHF is likely to fall further toward the next sell targets 1.0300 and 1.0250. Strong resistance remains at 1.0800.

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