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: buy targets - 1.5200 and 1.5440

By: Dmitriy Chernovolov

  • GBP/CHF approaches round resistance level 1.5000
  • Next buy targets - 1.5200 and 1.5440

GBP/CHF has been under strong bullish pressure lately – after the price broke above the resistance level 1.4840 (which stopped the earlier minor impulse wave (i) at the start of this month). The breakout of this resistance level accelerated the active impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (2) from the start of May.

The pair is currently approaching the strong round resistance level 1.5000. If the price breaks above this resistance level - GBP/CHF can then rise to the next buy targets at 1.5200 (former strong resistance from March) and 1.5440.

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