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: trade idea

Dima Chernovolov

  • AUD/CHF fall inside minor corrective B-wave
  • Next sell targets - 0.7400 and 0.7200

AUD/CHF continues to fall inside minor corrective B-wave – which started earlier when the pair reversed down from the resistance zone located between the resistance level 0.7800 (former strong support level which reversed the previous sharp minor impulse wave 3 in the middle of December, as you can see from the daily AUD/CHF chart below), the 61.8% Fibonacci Correction of the recent sharp minor downward impulse wave 5 from January and the upper daily Bollinger Band.

The pair is expected to fall further in the active corrective wave B toward the next sell targets at the support levels 0.7400 and 0.7200. Sell stop-loss can be placed above the aforementioned resistance level 0.7800.

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