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.

AUD/CHF: sell target - 0.6950

By: Dmitriy Chernovolov

  • AUD/CHF reversed from resistance zone
  • Next sell target - 0.6950

AUD/CHF continues to fall strongly – after the earlier sharp downward reversal from the resistance zone lying between the pivotal resistance level 0.7250 (which has been reversing the pair from the start of June), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp downward impulse wave from the end of April. The downward reversal from this resistance zone started the active minor impulse wave (iii).

AUD/CHF is likely to fall further in the active impulse (iii) (which belongs to the intermediates impulse (5) from April) toward the next sell target at the support level 0.6950 (which stopped previous impulse (i)).

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