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.

CHF/JPY: buy targets – 132.00 and 134.00

By: Dima Chernovolov

  • CHF/JPY reached buy target 130.00
  • Next buy targets – 132.00 and 134.00

CHF/JPY yesterday broke above the resistance level 130.00 (which also previously reversed the minor corrective wave (b) in the middle of February) - which was set as the buy target in our previous report for this currency pair. The breakout of this resistance level follows the earlier breakout of the upper resistance trendline of the daily up channel from the middle of March. These two breakouts should accelerate the upward movement of this currency pair inside the 3 active impulse waves: (iii), which is a part of impulse wave 3, belonging to the 3rd intermediate impulse wave (3) from last October.

CHF/JPY is likely to rise further toward the next buy targets 132.00 (target price for the completion of impulse (iii)) and 134.00.


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