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 target - 1.5100

By: Dmitriy Chernovolov

  • GBP/CHF reversed from support area
  • Next buy target - 1.5100

GBP/CHF recently reversed up strongly from the support area lying between the support level 1.4900 (former upper boundary of the sideways price range, acting as support now – after it was broken previously), the support trendline of the daily up channel from May and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of August. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Hammer.

GBP/CHF is likely to rise further in the active impulse wave 3 (which belongs to the intermediate impulse (3) from August) toward the next buy target at the resistance level 1.5100 (which stopped the previous minor impulse wave (i)).

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