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.

NZD/CHF: buy target - 0.6800

By: Dmitriy Chernovolov

  • NZD/CHF broke pivotal resistance level 0.6500
  • Next buy target - 0.6800

NZD/CHF recently broke sharply above the pivotal resistance level 0.6500 (which reversed the previous minor correction (iv) in August, as you can see below). The breakout of this resistance level was preceded by the breakout of the 38.2% Fibonacci Correction of the earlier sharp downward impulse wave from April. The breakout of these resistance levels greatly accelerated the active (c)-wave, which belongs to the minor ABC correction 2 from the end of August.

NZD/CHF is likely to rise further in the active waves (c) and 2 toward the next buy target at the resistance level 0.6800 (previous strong support level, which reversed the pair multiple times in May).

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