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 - 0.6700

By: Dmitriy Chernovolov

  • AUD/CHF reversed from pivotal resistance level
  • Next sell target - 0.6700

AUD/CHF continues to decline – following the earlier downward reversal from the resistance zone lying between the resistance level 0.6950 (former pivotal support level which reversed the pair in January and in July, as you can see below) and the 50% Fibonacci Correction of the previous sharp downward impulse wave (iii) from the start of August. The downward reversal from this resistance zone continues the active intermediate impulse wave (5) from March.

AUD/CHF is expected to fall further in the active impulse waves (iii) and 3 toward the next sell target at the support level 0.6700. Strong resistance remains at 0.6950.

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