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.

NZD/CHF: buy target - 0.6860

By: Dmitriy Chernovolov

  • NZD/CHF reversed from support zone
  • Next buy target - 0.6860

NZD/CHF recently reversed up sharply with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the pivotal support level 0.6500 (former strong resistance level from August, acting as support now after it was broken in October), lower daily Bollinger Band and the 38.2% Fibonacci Correction of previous upward impulse wave from August.

NZD/CHF is likely to rise further in the direction of the next buy target at the resistance level 0.6860 (which stopped the previous B-wave at the end of November, as you can see below).

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