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 resistance level 0.7500

  • AUD/CHF reversed from resistance level 0.7500
  • Next sell target - 0.7400

AUD/CHF recently reversed down from the resistance level 0.7500, which is the lower boundary of the powerful resistance zone which has been reversing the price from April, as you can see from the daily AUD/CHF chart below. This resistance zone was strengthened by the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star.

AUD/CHF is expected to correct down further in the active minor impulse wave 3  toward the next sell target at the support level 0.7400 (standing close to the 38.2% Fibonacci correction of the previous minor ABC correction 2 from the middle of September).

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