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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.

NZD/CHF: sell targets – 0.6900 and 0.6800

By: Dima Chernovolov

  • NZD/CHF falls inside intermediate impulse wave (3)
  • Next sell targets – 0.6900 and 0.6800

NZD/CHF has been falling sharply in the last few days – after the pair broke the strong pivotal support level 0.7200 (which reversed the previous waves 3, (B), (1) and 1). The breakout of this support level greatly accelerated the active minor impulse 3 of the 3rd intermediate impulse wave (3) from last month (which started when the pair failed to break above the strong resistance zone lying at the intersection of the 200-day moving average and the resistance level 0.7450).

NZD/CHF is likely to fall further inside the active impulse waves 3 and (3) toward the next sell targets 0.6900 and 0.6800.

CHF
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