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: sell target - 0.9900

By: Dmitriy Chernovolov

  • USD/CHF reversed from strong resistance zone
  • Next sell target - 0.9900

USD/CHF has been falling strongly in the last few trading sessions – following the earlier downward reversal from the resistance zone surrounding the major, long-term resistance level 1.0200 (which previously reversed the price sharply at the start of 2015 and also in November of 2015, as you can see from the weekly USD/CHF chart below). If the price closes this week near the current levels – it will form the 3rd consecutive weekly reversal pattern Bearish Engulfing.

 USD/CHF is currently approaching the parity. If the pair breaks below the parity - USD/CHF will then, most likely, fall to the next sell target at the support level 0.9900.

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