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 targets - 0.9550 and 0.9500

By: Dmitriy Chernovolov

  • USD/CHF broke support zone
  • Next sell targets - 0.9550 and 0.9500

USD/CHF recently broke below the support zone lying at the intersection of the pivotal support level 0.9670 (which stopped the previous intermediate (C)-wave in the middle of February, as can be seen below) and the support trendline of the wide daily down channel from the end of last November. The breakout of this support zone accelerated the active minor impulse wave 3- which belongs to the intermediate (C)-wave of the primary ABC correction ②.

USD/CHF is likely to fall to the next sell targets at the support levels 0.9550 and 0.9500 (low of the previous correction 4 from last October). Strong resistance now stands at 0.9670.

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