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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 approaching support level 1.2000

  • GBP/CHF approaching support level 1.2000
  • Next sell target - 1.1800

GBP/CHF continues to fall after the earlier breakout of the support level 1.2200, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.2200 accelerated the active minor impulse wave 5, which earlier broke the lower boundary of the sideways price range inside which the pair has been trading from the end of June.

GBP/CHF is currently approaching the round support level 1.2000. If the price breaks below this support level - GBP/CHF can then fall to the next support level 1.1800 (target price calculated for the completion of the active minor sub-wave (iii)).

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