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 - 1.0200

By: Dmitriy Chernovolov

  • USD/CHF reached buy target 1.0100
  • Next buy target - 1.0200

USD/CHF continues to rise after the recent breakout of the resistance zone lying between the resistance levels 1.0000 and 1.0100 (which was set as the buy target in our previous forecast for this currency pair). This resistance zone was strengthened by the upper resistance trendline of the wide daily up channel from the start of May (as you can see below). The breakout of this resistance area accelerated the 5th impulse wave (v) of the C-wave of the intermediate ABC correction (B) from May.

USD/CHF is likely to rise further toward the next buy target at the next resistance level 1.0200. Buy stop-loss can be placed below the support level 1.0100.

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