654
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 - 0.9800

By: Dmitriy Chernovolov

  • USD/CHF reversed from support zone
  • Next buy target - 0.9800

USD/CHF recently reversed up from the support zone lying between the support level 0.9670 (which previously reversed the earlier minor impulse wave 1 in February), the lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp primary impulse wave ① from the middle of 2015. The upward reversal from this support zone stopped the active minor impulse wave 3 from the start of this month.

Given the oversold reading on the daily Stochastic indicator - USD/CHF can be expected to rise from the current levels toward the next buy target at the resistance level 0.9800. Buy stop-loss can be placed below the aforementioned support level 0.9670.

 

CHF
Scroll to top