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.

AUD/CHF reversed from support zone

  • AUD/CHF reversed from support zone
  • Next buy target - 0.7400

AUD/CHF recently reversed up from the support zone lying between the support level 0.7270 (which reversed earlier waves (a) and 2, as can be seen from the daily AUD/CHF chart below), lower daily Bollinger Band and the 50% Fibonacci correction level of the earlier sharp upward impulse from the middle of June. The upward reversal from this support zone completed the previous minor ABC correction (ii).

Given the strength of the support level 0.7270 - AUD/CHF is expected to continue to rise toward the next buy target at the resistance level 0.7400. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned support level 0.7270.

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