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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 - 1.4900

By: Dmitriy Chernovolov

  • GBP/CHF completed intermediate ABC correction (2)
  • Next buy target - 1.4900

GBP/CHF recently reversed up sharply from the support zone lying between the support level 1.4600 (which also earlier reversed the previous A-wave at the end of August, as you can see below), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse wave (1) from May. The upward reversal from this support zone created the daily reversal pattern Piercing Line – marking the end of the previous intermediate ABC correction (2) from August.

GBP/CHF is likely to rise further in the active impulse wave 1 of the intermediate impulse wave (3) toward the next buy target at the resistance level 1.4900.

 

GBP
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