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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.

USD/CHF reversed from strong support level 0.9500

By: Dmitriy Chernovolov

  • USD/CHF reversed from strong support level 0.9500
  • Next buy target - 0.9650

USD/CHF recently reversed up from the strong support level 0.9500, which is the second of the two sell targets set in our previous forecast for this currency pair (0.9550 and 0.9500). The support level 0.9500 also previously reversed the earlier sharp minor corrective wave 4 in the middle of October, as can be seen from the daily USD/CHF chart below. The support zone near the support level 0.9500 was strengthened by the lower daily Bollinger Band.

With the daily Stochastic still moving in the oversold area - USD/CHF can be expected to correct up from the current levels toward the next buy target at the resistance level 0.9650.

CHF
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