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 - 1.5000 and 1.5100

By: Dmitriy Chernovolov

  • GBP/CHF broke resistance level 1.4900
  • Next buy targets - 1.5000 and 1.5100

GBP/CHF continues to rise after the recent breakout of the resistance level 1.4900 (which is the upper boundary of the tight sideways price range inside which the price has been trading from the end of August, as you can see from the daily GBP/CHF chart below). The lower boundary of this price range stands at 1.4700. This support level was further strengthened by the lower daily Bollinger Band and by the support trendline of the daily up channel from May.

GBP/CHF is likely to rise further in the active impulse waves 3 and (3) toward the next buy targets1.5000 and 1.5100. Strong support remains at 1.4700.

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