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: buy target - 1.0800

By: Dmitriy Chernovolov

  • EUR/CHF broke resistance level 1.0690
  • Next buy target - 1.0800

EUR/CHF continues to rise after the pair earlier broke through the resistance level 1.0690 (which reversed the price in March and July, as you can see below). The breakout of this resistance level follows the earlier sharp upward reversal from the support zone lying between the pivotal support level 1.0550 and 38.2% Fibonacci Correction of the previous sharp upward impulse wave from the end of June.

 EUR/CHF is expected to rise further inside the active minor impulse wave (iii) toward the next buy target at the strong resistance level 1.0800 (which stopped and reversed the strong A-wave at the end of April).

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