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 - 1.0950

By: Dmitriy Chernovolov

  • EUR/CHF rises inside impulse wave (5)
  • Next buy target - 1.0950 

EUR/CHF recently reversed up from the support zone lying between the support level 1.0700 (former resistance level which stopped the previous sharp impulse wave 3 in July, acting as support now, after it was broken by the previous impulse wave 5) and the 38.2% Fibonacci Correction of the previous intermediate impulse wave (3) from June.

The upward reversal from the aforementioned support zone completed the previous intermediate correction (4) – starting the active impulse wave (5). EUR/CHF is likely to rise further toward the next buy target at the resistance level 1.0950 (which stopped previous intermediate impulse (3)).

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