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 - 0.9700

By: Dmitriy Chernovolov

  • USD/CHF reached sell target 0.9900
  • Next sell target - 0.9700

USD/CHF recently fell sharply, breaking through the three consecutive support levels – 1.0000, 0.9900 (this support level was set as the sell target in our previous forecast for this currency pair) and 0.9800 (low of the previous intermediate (A)-wave). Each of these support breaks intensified the bearish pressure on this currency pair - accelerating the active intermediate (C)-wave, which belongs to the primary ABC correction ② from the end of November.

USD/CHF might correct up to the recently broken price level 0.9800 (serving as resistance now after it was broken) – from where this currency pair can be sold with the sell target set at the support level 0.9700.

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