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 targets - 1.1000 and 1.1050

By: Dmitriy Chernovolov

  • EUR/CHF completed intermediate wave (4)
  • Next buy targets - 1.1000 and 1.1050

EUR/CHF continues to rise – following the earlier sharp upward reversal from the support zone lying between the support level 1.0840 (which also previously reversed the pair with the daily Morning Star at the start of September), 61.8% Fibonacci Correction of the previous sharp impulse wave 5 and the upper channel line of the daily up channel from April. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – marking the end of previous wave (4).

 EUR/CHF is likely to rise further in the next intermediate impulse wave (5) (which belongs to the extended primary Ⓒ-wave from April) toward the next buy targets 1.1000 and 1.1050 (top of wave (3)).

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