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 - 1.1100

By: Dmitriy Chernovolov

  • EUR/CHF reached buy target 1.0950
  • Next buy target - 1.1100

EUR/CHF recently broke above the resistance level 1.0950, which was set in our previous report as the buy target for this currency pair. The breakout of this resistance level continues the active minor impulse wave 5, which started earlier in August – when the pair reversed up strongly from the support zone lying between the support level 1.0740, 38.2% Fibonacci Correction of the previous impulse from June and the upper channel line of the daily up channel from April.

EUR/CHF is likely to rise further in the active impulse waves 5 and (3) toward the next buy target at the resistance level 1.1100 (target for the termination of wave (3)).

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