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 pivotal support level 0.9500

By: Dmitriy Chernovolov

  • USD/CHF reversed from pivotal support level 0.9500
  • Next buytarget - 0.9700

USD/CHF continues to rise – following the earlier upward reversal from the pivotal support level 0.9500 (which reversed the previous waves (iv) and 1, 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. The upward reversal from this support level 0.9500 created the daily Japanese candlesticks reversal pattern Hammer.

With the clear bullish divergence visible on the daily RSI indicator - USD/CHF can be expected to rise further to the next buy target at the resistance level 0.9640, the breakout of which can lead to further gains toward 0.9700.

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