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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 - 1.5400

By: Dmitriy Chernovolov

  • GBP/CHF reversed from pivotal support level 1.5100
  • Next buy target - 1.5400

GBP/CHF recently reversed up sharply from the pivotal support level 1.5100 (former strong resistance level which reversed earlier waves (a) and (c) in September, acting as support now after it was broken by the previous wave 2, as can be seen below). The upward reversal from this support level created the daily Japanese candlesticks reversal pattern Hammer – increasing the likelihood of further gains of this currency pair in the coming trading sessions.

GBP/CHF is likely to rise further toward the next buy target at the strong resistance level 1.5400 (which stopped previous extended intermediate wave (B) in August).

GBP
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