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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 - 0.6700

By: Dmitriy Chernovolov

  • NZD/CHF reversed from support area
  • Next buy target - 0.6700

NZD/CHF recently reversed up sharply from the support area located between the support level 0.6500 (which also previously reversed the pair with the daily Japanese candlesticks reversal pattern the Hammer in December, as you can see below), the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp intermediate (A)-wave from August.

Given the strength of the aforementioned support zone and the oversold reading on the daily Stochastic - NZD/CHF can be expected to correct up from the current levels toward the next buy target at the resistance level 0.6700.

CHF
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