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 - 1.5400 and 1.5500

By: Dmitriy Chernovolov

  • GBP/CHF reversed from support zone
  • Next buy targets - 1.5400 and 1.5500

GBP/CHF today reversed up from the support zone lying between the support level 1.5200 (former major resistance level which reversed the pair sharply in the middle of April) and the 38.2% Fibonacci Correction of the previous strong upward impulse wave from the end of earlier minor correction (iv). The upward reversal from this support zone continues the active impulse waves (v), (iii) and 3.

GBP/CHF is expected to rise further – in line with the strong uptrend that can be seen on the daily charts – toward the next buy targets at the resistance levels 1.5400 and 1.5500.

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