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.

GBP/CHF rising inside minor impulse wave 1

  • GBP/CHF rising inside minor impulse wave 1
  • Next buy target - 1.3200

GBP/CHF continues to rise inside the minor impulse wave 1, which started earlier – when the pair reversed up from the support zone lying between the strong support level 1.2600 (which reversed the previous minor impulse wave 3, as can be seen from the daily GBP/CHF chart below) and the lower daily Bollinger Band.  The active impulse wave 1 belongs to the primary impulse wave Ⓒ from the middle of August.

GBP/CHF is expected to rise further inside the active impulse waves 1 and Ⓒ toward the next buy target at the pivotal resistance level 1.3200 (which stopped the previous minor correction 4 in July).

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