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 - 0.6800

By: Dmitriy Chernovolov

  • AUD/CHF reversed from resistance zone
  • Next sell target - 0.6800

AUD/CHF recently reversed down sharply from the resistance zone lying at the intersection of the resistance level 0.7100, the upper resistance trendline of the daily down channel from March and the upper daily Bollinger Band. The downward reversal from this resistance zone completed the previous primary ABC correction ② from the end of August – starting the active impulse wave ③.

The pair is likely to fall further – in line with the strong downtrend visible on the daily and the weekly AUD/CHF charts – toward the next sell target at the support level 0.6800. Strong resistance remains at 0.7100.

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