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 under bearish pressure

  • USD/CHF under bearish pressure
  • Next sell target – 0.9700

USD/CHF recently reversed down sharply from the resistance zone lying between the resistance levels 0.9950 and 0.9900 (this resistance zone has been reversing the price from the end of May). This resistance zone was further strengthened by the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Bearish Engulfing (encircled below) – which marked the start of the active minor correction (ii).

USD/CHF will, most likely, continue to fall toward the next sell target at the strong support level 0.9700 (which reversed the previous minor corrective wave 2 at the start of July, as can be seen below).

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