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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: sells targets - 1.3800 and 1.3600

By: Dima Chernovolov

  • GBP/CHF reached sell target 1.4200
  • Next sells targets - 1.3800 and 1.3600

GBP/CHF has been falling sharply in the last few days – breaking the daily Triangle from the middle of January, the support level 1.4200 (which was set as the sell target in our previous report for this pair) and – most recently – breaking though the round support level 1.4000 (as you can see from the daily GBP/CHF chart below). Each of these 3 consecutive breakouts added to the bearish pressure on this currency pair – accelerating the active C-wave of the intermediate ABC correction (2) from March.

GBP/CHF is likely to fall further inside the active C-wave toward the next sell targets 1.3800 and 1.3600. Sell stop-loss can be placed above the recently broken price level 1.4000.

GBP
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