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 broke support level 1.2490

  • GBP/CHF broke support level 1.2490
  • Next sell target - 1.2200

GBP/CHF recently broke the support level 1.2490 (which stopped the previous impulse waves 3, (C) and (c), as can be seen from the daily GBP/CHF chart below). This support level is also the lower border of the wide sideways price channel inside which the pair has been trading in the last 3 months. The breakout of the support level 1.2490 is likely to accelerate the active intermediate correction (2).

GBP/CHF is likely to fall further in the direction of the next sell target at the support level 1.2200. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the aforementioned price level 1.2490.


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