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.

USD/CHF: buy target - 1.0100

By: Dmitriy Chernovolov

  • USD/CHF reversed from parity
  • Next buy target - 1.0100

USD/CHF recently reversed down from the upper resistance trendline of the wide daily up channel from May.The subsequent downward correction today reversed up from the support zone lying between the parity and the 38.2% Fibonacci Correction of the previous upward impulse wave from the start of this month.

Given the strength of the support at parity and the fact that the pair is currently moving inside the 3rd minor impulse wave (iii) of the C-wave of the intermediate ABC correction (B) from May - USD/CHF can be expected to rise further to the next buy target at 1.0100. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the parity.

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