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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 falling inside intermediate corrective wave (2)

  • USD/CHF falling inside intermediate corrective wave (2)
  • Next sell target - 0.9500

USD/CHF has been falling sharply in the last few trading sessions inside the intermediate corrective wave (2) – which started at the end of May – when the pair reversed down form the resistance zone lying between the resistance level 0.9950, upper daily Bollinger Band and the 61.8% Fibonacci correction level of the previous sharp downward impulse wave from the end of January.

Having recently broken through the support levels 0.9800 and 0.9700 - USD/CHF can be expected to fall further in the active wave (2) toward the next sell target at the support level 0.9500 (which previously reversed the price in May and April).

 

CHF
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