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: buy targets - 0.7130 and 0.7200

By: Dmitriy Chernovolov

  • AUD/CHF reversed from support zone
  • Next buy targets - 0.7130 and 0.7200

AUD/CHF recently reversed up from the support zone lying at the intersection of the upper trendline of the wide daily down channel from the end of April – acting as support now, after it was broken by the previous upward impulse from the end of October, as you can see below), the 50% Fibonacci Retracement of the aforementioned upward price impulse and the round support level 0.7000. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Piercing Line.

AUD/CHF is likely to rise further in the active impulse wave 3 (of the intermediate (C)-wave from September) toward the next buy targets - 0.7130 and 0.7200.

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