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 targets - 1.5600 and 1.5800

By: Dmitriy Chernovolov

  • GBP/CHF reached buy target 1.5400
  • Next buy targets - 1.5600 and 1.5800 

GBP/CHF has been rising sharply in the last few trading sessions – following the earlier breakout of the pivotal resistance level 1.5400 (which reversed previous primary impulse wave ① and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level greatly accelerated the active impulse wave (3) – which belongs to the primary impulse wave ③ from the start of October.

GBP/CHF is likely to rise further in the active impulse waves (3) and ③ in the direction of the next buy target 1.5600 – the breakout of which can lead to further gains toward 1.5800.

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